Sign In
Learn bits
Economy, Schemes & Policies
Mahesh

29/10/22 05:55 AM IST

Faceless assessment scheme

In News 
  • Under the faceless tax regime, information about high-value transactions of taxpayers is received by the tax department which is then used to issue notices under section 148 of the IT Act.
  •  Recently, thousands of such notices were issued and taxpayers had to pay tax, interest and penalties.
Faceless Assessment Scheme 
  • The faceless assessment scheme was launched in 2020 with the objective of promoting an efficient and effective tax administration, minimizing physical interface, increasing accountability and introducing team-based assessments.
  • The scheme lays down the procedure to carry out a faceless assessment through electronic mode.
  • Objectives -  To promote an efficient and effective tax administration, minimizing physical interface, increasing accountability and introduction of team-based assessments. 
Significance
  • An important aspect of the faceless tax regime is that even the first appellate authority — the Commissioner of Income-Tax (Appeals) — is now faceless, leaving no room for corruption.
  • The faceless tax assessment system has put everything online — from the filing of returns to assessment orders.
  • It has even done away with the need for huge storage facilities for the records of taxpayers.
Source- Indian Express 

More Related Current Affairs View All

10 Jan

Rural landowners in Delhi want repeal of Sections 33 and 81 of Delhi Land Reforms Act

'Both sections dealing with the use and sale of agricultural land have come under the spotlight ahead of the Delhi Assembly elections.' This can only be done by the Central gove

Read More

10 Jan

Pravasi Bharatiya Diwas

'Prime Minister Narendra Modi inaugurated the 18th edition of the Pravasi Bharatiya Diwas  in Bhubaneswar.' The event is held once every two years to “honour the cont

Read More

10 Jan

Deciphering the Indus script

'Recently, Tamil Nadu Chief Minister M.K. Stalin announced a $1-million prize for experts or organisations in the event of their success in deciphering the scripts of the Indus Val

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps