What is Faceless Assessment for Income Tax for year 2020!!
Do you know what's ๐๐ฎ๐ฐ๐ฒ๐น๐ฒ๐๐ ๐๐๐๐ฒ๐๐๐บ๐ฒ๐ป๐ 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?