Faceless Assessment – Practical Issues and Budget Expectations
- Blog|News|Income Tax|
- 2 Min Read
- By Taxmann
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- Last Updated on 11 February, 2022
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Sudeep Das & Ashwath Pai – [2022] 134 taxmann.com 235 (Article)
The Prime Minister of India launched the platform of “Transparent Taxation – Honouring the Honest”, during August ’20, which presented major reforms including a new version of Faceless Assessment in the Income Tax Act, 1961 (ITA). Traditionally, scrutiny proceedings involved a face-to-face meeting with the tax officer, providing details, multiple visits to the tax office and interminable waiting. The scheme has been introduced with the intention of making entire direct tax administration faceless and taxpayer friendly.
India is one of the first countries to implement such a system of conducting tax assessments. Over the last several years, the Indian government has taken tangible steps to shift its image from an aggressive tax jurisdiction to one that is welcoming taxpayers and investors.
It is worthwhile to note that though faceless assessments are a step in the right direction, there are many practical issues/ challenges still being faced by the industry, which warrants attention.
This article discussed a few of the practical issues along with implementable suggestions.
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