New Delhi: Chairman of Central Board of Direct Taxes (CBDT) Pramod Chandra Mody on Wednesday said that ease of tax compliance will promote ease of living, referring to the presentation of the Union Budget 2019 as a distinctive one.
“This is a very distinctive Union Budget, laying down very clear policy direction and road map for the new India we envisage, heading towards a USD 5 trillion economy. Ease of tax compliance, both at the policy and process levels, shall promote ease of living, which has been distinctively addressed in the Budget”, Mody said addressing a Post Budget Interactive Session with Ministry of Finance organized by Confederation of Indian Industry (CII) in New Delhi
Pre-filling of returns shall be able to reduce errors in tax calculation and also collection. Faceless assessment is a great step. Tax offices will be anonymized and the pain points will be minimized, he added.
The Government is moving towards the creation of a friendly atmosphere to promote voluntary compliance by taxpayers. The taxpayers are also expected to give focused replies to tax questionnaires issued by the tax department, Mody said.
Meanwhile, Rajiv Memani, Chairman, National Committee on Taxation, CII, said that digitization and dispute measures in the Budget are positive steps. He requested for more clarity on tax on Foreign Portfolio Investors, buyback of shares which are already underway and manufacturing of products where incentives are to be provided to large investors.