Do you know what's 𝗙𝗮𝗰𝗲𝗹𝗲𝘀𝘀 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 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!
☑️ Selection of taxpayer only through the system using data analytics and AI
☑️ Abolition of territorial jurisdiction
☑️ Automated random allocation of cases
☑️ Central issuance of notices with Document Identification No. (DIN)
☑️ No physical interface, no need to visit the income tax office.
☑️ Team-based assessment & team-based review
☑️ 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?