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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 

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