Budget 2020: No more harassment of taxpayer; big move by Sitharaman for corporate sector

By: |
February 01, 2020 3:14 PM

Budget 2020-21: Finance Minister Nirmala Sitharaman on Saturday said that the government would not allow the taxpayers to be harassed at the hands of the tax officials.

budget 2020, budget 2020 date, budget 2020 date india, budget 2020 expectations, budget 2020 highlights, budget 2020 income tax, budget 2020 live, union budget 2020, union budget, union budget 2020 date, union budget india, union budget 2020-21Budget 2020 India: The government also said that steps will be taken to remove criminal liability for offences under the Income Tax Act which are civil in nature.

Union Budget 2020 India: Finance Minister Nirmala Sitharaman on Saturday said that the government would not allow the taxpayers to be harassed at the hands of the tax officials. “We wish to enshrine in the statutes a taxpayer charter through this Budget. Our government remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind,” Sitharaman said. “Formalisation of taxpayer charter – a big and bold step for India Inc”, Sandeep Jhunjhunwala, Director, Nangia Andersen LLP, said. The government also said that steps will be taken to remove criminal liability for offences under the Income Tax Act which are civil in nature.

“Wealth creators will be respected in this country”, Nirmala Sitharaman added. India also needs a clean, reliable and robust financial system for its growth, said Nirmala Sitharaman. “Taxpayer status is a part of the charter. Finally a focus on payers and tax harassment has been discussed and debated in the budget and forming part of statute”, Nitin Narang, Director – Nangia Andersen Consulting LLP, said.

“An important aspect of ease of living and ease of doing business is fairness. Businesses should have the confidence that things are fair and that the tax administration is efficient. We wish to enshrine a tax payers’ charter in the statute. Our government would like to reassure tax payers that they will not be harassed. Tax harassment cannot be tolerated when we speak about wealth creation,” said Nirmala Sitharaman.

Watch Video: What is Union Budget of India?

“Taxpayer’s charter being institutionalised in the statute to boost taxpayers confidence and to eradicate tax harassment”, Shailesh Kumar, Director, Nangia Andersen Consulting, said.

“Decriminalisation of offences under Companies Act / other financial laws together with taxpayer charter being enacted into law will substantially boost business confidence. There is an existential fear in business today which urgently needed correction”, Rahul Jain, Director, Nangia Andersen Consulting (P) Limited, said.

Meanwhile, Finance Minister Nirmala Sitharaman on Saturday introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.

Do you know What is Finance Bill, Short Term Capital Gains Tax, Fiscal Policy in India, Section 80C of Income Tax Act 1961, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.