Union Finance Minister Nirmala Sitharaman on Saturday addressed a press briefing during which she presented the follow-up action plan on the faceless assessment of taxpayers and document identification number. Along with the slew of announcements, she also announced the action plan on easing the prosection measures for the income taxpayers. Assuring minimum human interface in the tax assessment, Nirmala Sitharaman announced that the small taxpayers with minor procedural defaults will not be prosecuted.
As per the circular issued on September 9 by the Finance Minister, here is the action plan on prosecution easing measures for the taxpayers:
Here are the salient features of Faceless Assessment, as announced by Finance Minister under the E-assessment Scheme (Section 143(3A) of the IT Act:
Addressing the press briefing, Nirmala Sitharaman said that inflation is under control and there is a clear sign of revival of industrial production. She announced a series of measures to boost the economy, adding that the inflation has been kept "very much" below 4 per cent. She also announced a new scheme -- Remission of Duties or Taxes on Export Product (RoDTEP) -- in order to incentivise exporters at an estimated cost of Rs 50,000 crore to the exchequer. The latest inflation print based on the Consumer Price Index was 3.21 per cent in August. The government has mandated the Reserve Bank of India to keep the retail inflation in the band of 2-6 per cent. India's GDP growth decreased for the fifth consecutive quarter in April-June 2019 to 5 per cent.
(With PTI inputs)