Last week, Prime Minister Narendra Modi unveiled three structural reforms to reduce litigation, simplify tax filing and prevent harassment—faceless assessment, faceless appeals and a Taxpayers Charter.
While the first two are aimed at improving transparency, the charter is an attempt to make the Income Tax Department more service oriented. A statement on the prime minister's official website says it's “aimed at boosting the confidence of the taxpayer and making him/her fearless”.
At the same time, the tax department will be given more power to scrutinise certain transactions.
On this BQ Big Decisions podcast, BloombergQuint speaks to Arvind Rao, chartered accountant and certified financial planner and founder of Arvind Rao & Associates, about the rights that will be guaranteed to taxpayers by the charter and what the expanded list of specified financial transactions means for their interaction with the tax department.
You can listen to the conversation here:
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
