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What is Faceless Assessment for Income Tax for year 2020!!

Do you know what's ๐—™๐—ฎ๐—ฐ๐—ฒ๐—น๐—ฒ๐˜€๐˜€ ๐—”๐˜€๐˜€๐—ฒ๐˜€๐˜€๐—บ๐—ฒ๐—ป๐˜ for Income Tax?


PM Modi announced the Faceless Assessment.


It will remove the human interface btw the taxpayers and the Income Tax Department


Here are A-Z things you should about this scheme!


โ˜‘๏ธ Selection of taxpayer only through the system using data analytics and AI

โ˜‘๏ธ Abolition of territorial jurisdiction

โ˜‘๏ธ Automated random allocation of cases

โ˜‘๏ธ Central issuance of notices with Document Identification No. (DIN)

โ˜‘๏ธ No physical interface, no need to visit the income tax office.

โ˜‘๏ธ Team-based assessment & team-based review

โ˜‘๏ธ Draft assessment order in one city, review in another city & finalization in the third city.


The Finance Minister also said that the faceless tax scrutiny assessment & appeal would help in easing the compliance burden of taxpayers and increase fairness & objectivity in the tax system.


This assessment & taxpayer charter has already come into place from yesterday itself & the faceless appeal is going to be applicable from sep. 25.


The governments say this system will help them to find serious frauds, major tax evasion, sensitive & search matters, International tax, Black Money & Benami Property.


What's your take on it?

#FacelessAssessment #IncomeTax #MayankThoughts

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