On August 13, 2020, the Honourable Prime Minister launched a platform “Transparent taxation – honoring the honest“. Through this platform, major direct tax reforms are introduced, covering faceless assessments, faceless appeals and taxpayers’ charter.
The e-assessment scheme was initially introduced in 2019 and now, the same has been amended and renamed as “faceless assessment scheme“. This will lead to a sea change and recalibration of approach in the way taxpayers interact with the tax authorities. Given this significant development, the taxpayers are likely to be faced with key strategic issues such as:
- What are the nuances of the faceless assessments scheme and the challenges to be dealt with by the taxpayers?
- Will the taxpayers have sufficient opportunity to submit all details and make relevant technical submissions during the assessments?
- Which matters under tax proceedings would be impacted by the faceless assessment scheme (e.g. TDS proceedings, refunds, stay of demand, penalty proceedings)?
In the above backdrop, Dhruva Advisors & FICCI organised a panel discussion, wherein the panelists shared their insights on various aspects relating to paradigm shift to faceless assessments.
The panel of highly distinguished and eminent speakers comprised of: