Income Tax Slabs: Government intends to have a simplified tax regime, says Nirmala Sitharaman | India Business News

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NEW DELHI: Finance minister Nirmala Sitharaman on Friday said that the government has introduced taxpayers’ charter in the Union Budget 2020 as it intends to bring in a simplified taxation regime.
Briefing the media following an interaction with industry representatives and economists, Sitharaman said taxation regime should be on the basis of trust with citizens and hence the taxpayers’ charter was brought in.
“Taxpayers’ charter being brought into the statue itself says how far we want to make the entire process simplified and put no pressure on the taxpayer, eventually leading to a simplified and minimum possible level of taxation,” she said.
While presenting the Budget last week, Sitharaman had announced that the direct tax body CBDT (Central Board of Direct Taxes) will adopt a “taxpayer charter” which will ensure trust between a taxpayer and the administration and reduce harassment.
A charter defines the rights of the taxpayer and the obligations of the tax department.
The finance minister also said infrastructure creation has both long and short-term benefits and the government’s commitment towards it is clearly laid out.
“We have actually worked with states, private investors and come up with an infrastructure pipeline consisting of over 6,400 projects,” she added.
The minister also said IPO (initial public offering) of the state insurer LIC will bring retail investors into the picture.
The LIC listing is aimed at bringing the much needed revenues to the government which is facing a shortfall due to poor tax collections.
Besides stimulating the rural economy, Sitharaman said, the Budget laid a clear emphasis on commerce and industry with measures like staggering tax burden for start-ups.
“Budget 2020 sets a roadmap for the next five years keeping macroeconomic fundamentals in mind. We made sure that the demand for increasing consumption and investment in long-term asset building is taken up,” she added.
(With agency inputs)



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