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June 2021
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Sharad Pawar, Yashwant Sinha call meet to put up united opposition        Kerala to implement tourism projects in time-bound manner: Riyas        BCCI to donate Rs 10 cr for preparations of Olympic-bound athletes        WTC Final, Day 3: NZ bowl out India for 217 in 1st innings, Jamieson picks 5 wickets        AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation        France elects regional leaders, preps for presidential vote        Argentina reports first confirmed case of ‘Black Fungus’: Reports        Bengal plans more COVID beds for women amid third wave threat        Delhi eases COVID restrictions        COVID-19: India records less than 60,000 cases after 81 days        WTC Final, Day 2: India 146/3 at stumps against NZ        Union Bank of India inks MOU with NSIC to support MSMEs with credit requirements        Seven dead, 13 injured after plane crash-lands in Russia's Kemerovo region        Ebrahim Raisi elected Iran's new president        MHA asks states, UTs to not lower guard, calibrated opening up of lockdown advised        PM congratulates LS Speaker Om Birla for completing 2 years in office        Centre invites 14 J&K leaders to attend all-party meeting on June 24        Tour de France to hold women''s cycling race in July 2022        Will always regret missing hundred on Test debut but will get one next time: Shafali Verma        Nadal, Osaka both out for Wimbledon; she'll go to Olympics        
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Business News
Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman
 
New Delhi: The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday.

In her message on the 160th Income Tax Day, the minister also lauded the department for being responsive to the needs of the taxpayers during this pandemic time by relaxing various compliance requirements and addressing their liquidity concerns.

Appreciating its continuous efforts towards making the tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance, she said there has been a paradigm shift in its role in recent years, from being just a revenue collecting organisation to becoming a more citizen-centric establishment.

"Our endeavour has been to continue the initiative of simplification of Direct Tax laws. In line with the same, we brought in a major tax reform by ushering in a new simpler tax regime for our taxpayers, who now have the option of remaining in the old tax regime or moving to the new simpler regime," Sitharaman said.

She said the government has reduced corporate tax rates by phasing out exemptions, while encouraging businesses to start manufacturing which is in tandem with the clarion call of Aatmanirbhar Bharat given by Prime Minister Narendra Modi.

She said that the department has effectively deployed technological tools to facilitate honest tax payers and also plug revenue leakage.

"Confident that the department will not only continue to play a critical role in the growth and prosperity of the nation, but will also strive to keep improving and set new standards of professionalism," the minister added.

She lauded the department for keeping pace with the fast changing economic landscape and adapting to the concomitant challenge of ensuring that tax revenues grow commensurate with the pace of economic growth.

Minister of State for Finance and Corporate Affairs Anurag Thakur in his message appreciated the department for its efforts in providing efficient taxpayer services, observing that processes, across the spectrum of departmental functioning, have been made easier to comply with.

Finance Secretary Ajay Bhushan Pandey recognised the measures adopted by the department for imparting transparency to its processes and eliminating scope for unwarranted use of discretionary powers as demonstrated by new initiatives like faceless assessment, improved form 26AS, pre-filled returns.

PC Mody, Chairman, CBDT, reiterated the commitment towards further improving the compliance experience for taxpayers.

Offering an optional lower rate of income tax to individuals, the finance minister in her Budget for 2020-21 had proposed new optional tax regime under section 115BAC of I-T Act for individuals willing to forego certain specified deductions or exemptions while computing total income for tax purpose.

Under this, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while those between Rs 7.5 and 10 lakh at 15 per cent.

Those earning between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while those between Rs 12.5 and Rs 15 lakh will pay at the rate of 25 per cent. Income above Rs 15 lakh will be taxed at 30 per cent.

The new I-T slabs would be for individuals not availing certain specified deductions or exemptions.


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INTERNATIONAL NEWS
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NATIONAL NEWS
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