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

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.

FM Nirmala Sitharaman presented Budget 2020
Budget 2020-21: The Ministry of Electronics and IT has signed an agreement with Israel for joint research in 27 possible areas which includes quantum computing as one of the potential segments.

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.

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“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.

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