The post-Brexit border checks are expected to cost taxpayers in the United Kingdom at least $6 billion after repeated delays in setting new rules, according to a report released by the parliament’s spending watchdog, on Monday (May 20).&nbsp;

<h2>‘Significant issues’</h2>

The UK’s National Audit Office (NAO) report noted that the plans to bring in border checks on goods entering the country from the European Union faced “significant issues” including critical shortages of inspectors before their introduction last month.&nbsp;

Britain voted to leave the EU in 2016, but it was not until this year that the country set up the new rules given to untangle supply chains and erect customs borders.&nbsp;

The second phase of the UK’s new post-Brexit border controls for food imports began on April 30, when the government introduced physical checks for so-called “medium risk” animal products, plants and plant products.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/sunaks-inflation-victory-faces-voter-doubts-723448">Sunak's inflation victory faces voter doubts</a>

The move in April followed the first phase of the UK’s so-called new Border Target Operating Model which required additional certification and came into force on January 31.&nbsp;

The third phase would require safety and security declarations and is slated for the end of October.&nbsp;

The government report estimates that it will spend at least $6 billion on the 13 most significant border-related programmes over their lifetimes out of which $3.3 billion had been spent by March last year.&nbsp;

The report found that the Cabinet Office’s confidence in the second phase had been rated as “amber” at the start of the year, which means that while the implementation was “feasible”, there were “significant issues that required management attention”.

In this case, it is the difficulty to recruit and train port health authority inspectors who would be responsible for conducting the checks.&nbsp;

<h2>Repeated delays</h2>

The British government has delayed the implementation of full control of the passage of goods across the border post-Brexit five times since the end of the EU exit transition period on December 31, 2020.&nbsp;

The delay in implementation, according to the report, has not only caused uncertainty for businesses and led to extra costs for government and ports, but also increased the biosecurity risk to the UK.&nbsp;

“The repeated delays in introducing import controls, and difficulties forecasting requirements, have resulted in government expenditure on infrastructure and staff that were ultimately not needed,” the NAO stated in its report.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/us-regulators-may-cut-bank-capital-hikes-723443">US regulators may cut bank capital hikes</a>

It added, “Late announcements about policy and uncertainty about the implementation of controls have also reduced the ability of businesses and ports to prepare for changes.”&nbsp;

NAO also noted that while border processes, post-EU exit, have operated “relatively smoothly,” the businesses trading goods between the UK and the EU have faced additional costs and administrative burdens.&nbsp;

The watchdog also slammed the UK’s hopes to have the “world’s most effective border” by 2025 saying that the plan lacked “a clear timetable and an integrated cross-government delivery plan, with individual departments leading different aspects of implementation.”

The NAO also asked the government to take “a more realistic approach” to digital transformation.&nbsp;

(With inputs from agencies)

The post-Brexit border checks are expected to cost taxpayers in the United Kingdom at least $6 billion after repeated delays in setting new rules, according to a report released by the parliament’s spending watchdog, on Monday (May 20).

The post-Brexit border checks are expected to cost taxpayers in the United Kingdom at least $6 billion after repeated delays in setting new rules, according to a report released by the parliament’s spending watchdog, on Monday (May 20). ‘Significant issues’ The UK’s National Audit Office (NAO) report noted that the plans to bring in border checks on goods entering the country from the European Union faced “significant issues” including critical shortages of inspectors before their introduction last month. Britain voted to leave the EU in 2016, but it was not until this year that the country set up the new rules given to untangle supply chains and erect customs borders. The second phase of the UK’s new post-Brexit border controls for food imports began on April 30, when the government introduced physical checks for so-called “medium risk” animal products, plants and plant products. Also Read | Sunak's inflation victory faces voter doubts The move in April followed the first phase of the UK’s so-called new Border Target Operating Model which required additional certification and came into force on January 31. The third phase would require safety and security declarations and is slated for the end of October. The government report estimates that it will spend at least $6 billion on the 13 most significant border-related programmes over their lifetimes out of which $3.3 billion had been spent by March last year. The report found that the Cabinet Office’s confidence in the second phase had been rated as “amber” at the start of the year, which means that while the implementation was “feasible”, there were “significant issues that required management attention”. In this case, it is the difficulty to recruit and train port health authority inspectors who would be responsible for conducting the checks. Repeated delays The British government has delayed the implementation of full control of the passage of goods across the border post-Brexit five times since the end of the EU exit transition period on December 31, 2020. The delay in implementation, according to the report, has not only caused uncertainty for businesses and led to extra costs for government and ports, but also increased the biosecurity risk to the UK. “The repeated delays in introducing import controls, and difficulties forecasting requirements, have resulted in government expenditure on infrastructure and staff that were ultimately not needed,” the NAO stated in its report. Also Read | US regulators may cut bank capital hikes It added, “Late announcements about policy and uncertainty about the implementation of controls have also reduced the ability of businesses and ports to prepare for changes.” NAO also noted that while border processes, post-EU exit, have operated “relatively smoothly,” the businesses trading goods between the UK and the EU have faced additional costs and administrative burdens. The watchdog also slammed the UK’s hopes to have the “world’s most effective border” by 2025 saying that the plan lacked “a clear timetable and an integrated cross-government delivery plan, with individual departments leading different aspects of implementation.” The NAO also asked the government to take “a more realistic approach” to digital transformation. (With inputs from agencies)

Post-Brexit border arrangements expected to cost UK taxpayers $6 billion

Can tax cuts change PM Sunak's political fortunes? Sunak's cabinet likely to cut taxes in 2024 Opinion polls predict PM Sunak to lose elections in 2024. High cost of living after pandemic makes labor party favourites. Watch to know more!

UK: PM Rishi Sunak's cabinet likely to cut taxes in 2024

The US state of Oklahoma on Monday approved the country's first publicly funded religious charter school where Catholic teachings will be imparted into lessons. The Oklahoma State Virtual Charter School Board passed the proposal by 3-2 in a vote, setting the stage for a constitutional battle on whether taxpayers' money can be used to directly fund such schools.

The US state of Oklahoma on Monday approved the country's first publicly funded religious charter school where Catholic teachings will be imparted into lessons. The Oklahoma State Virtual Charter School Board passed the proposal by 3-2 in a vote, setting the stage for a constitutional battle on whether taxpayers' money can be used to directly fund such schools. The Roman Catholic Archdiocese of Oklahoma City and the Diocese of Tulsa will run the charter school named St. Isidore of Seville Catholic Virtual School. The curriculum would have religious teachings embedded. Notably, a charter school is a type of public school that is independently managed but funded by taxpayer dollars. They comprise a small fraction (8 per cent) of the US school system. The decision was not welcomed by the state attorney general who called the approval 'unconstitutional' and warned of legal action as it was "contrary to Oklahoma law". "It's extremely disappointing that board members violated their oath in order to fund religious schools with our tax dollars. In doing so, these members have exposed themselves and the state to potential legal action that could be costly," said Attorney General Gentner Drummond. WATCH | WION Pulse: Seattle schools file lawsuit against four tech giants × Prepared for legal battle: Catholic Church However, St. Isidore’s administration said they were prepared for the legal challenges coming their way. "We are elated that the board agreed with our argument and application for the nation's first religious charter school," said Brett Farley, the executive director of the Catholic Conference of Oklahoma which represents the Church on policy issues and is behind the proposal. “We invite the challenge, for the sake of the country and answering that question,” she added. Meanwhile, Republican Governor Kevin Stitt who had made the appointments for the school board celebrated the approval, calling it "a win for religious liberty and education freedom in our great state". "Oklahomans support religious liberty for all and support an increasingly innovative educational system that expands choice," he said. Also read | 'Propaganda' vs 'bullying': Groups of parents clash at anti-LGBTQ protest outside Los Angeles school The US Supreme Court's position on religious schools The proposal will most certainly be challenged in the courts but shows an increasing trend across the US where conservatives are batting for more religious schools. The US Supreme Court, which now has a 6-to-3 conservative majority has already thrown its weight behind directing taxpayer money to religious schools. In separate rulings in 2020 and 2022, the Supreme Court ruled that the states of Montana and Maine could not exclude religious schools from state programmes that allowed parents to use government-financed scholarships. Chief Justice John G. Roberts Jr. said the court's rulings did not mean states had to support religious education but if a state was issuing subsidies to any private schools, the religious ones may not be discriminated against. (With inputs from agencies) WATCH WION LIVE HERE:

USA: First taxpayer-funded religious charter school approved in Oklahoma in controversial move

UK PM Rishi Sunak has reportedly splashed more than $600,000 of taxpayers' money on private jets hiring in a matter of weeks. Sunak spent the money on three trips in November.

Labour leader Starmer criticises Sunak's spending on private jets

UK PM Rishi Sunak has reportedly spent more than $600,000 of taxpayers' money on private jets in just two weeks. Sunak spent the money on three trips in November.

Rishi Sunak spends more than $600,000 on private jet

Boris Johnson's legal defence fees for the upcoming Partygate inquiry would be covered by the taxpayers, as Rishi Sunak’s government prepares to extend support for the former prime minister for a second time.

Reports: Taxpayers to pay five-figure bill to support ex-UK PM Johnson

India's Finance Minister Nirmala Sitaraman will be presenting the Union Budget 2023 on February 1. We list out some expectations of the taxpayers based on expert opinions and people's voices.

Taxpayers' expectations from the Union Budget

A Brazilian court has fined Apple with $19 million and ruled that battery chargers must come with new iPhones sold in the country. The Sao Paulo State quote it ruled against Apple in a lawsuit filed by association of borrowers consumers and taxpayers.

World Business Watch: Lawsuit filed by the association of consumers and taxpayers against Apple

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income.

<a href="https://www.wionews.com/business-economy/budget-2020-key-highlights-100-more-airports-to-be-developed-by-2024-under-udaan-scheme-278042">Also Read:&nbsp;Budget 2020 key highlights</a>

The taxpayers who do not wish to avail of the new scheme will have the option to continue under the existing tax regime.

Here are the highlights of the tax plan:

New tax slab proposed for common man.

Taxes halved for two income bands.

Marginal decrease for other taxpayers.

Must forgo exemptions to avail benefits.

New taxation regime to be optional.

Taxes halved for 5-7.5 lakh and 10-12.5 lakh bands.

Those earning 7.5-10 lakh &amp; 12.5-15 lakh to get 5 per cent cut.&nbsp;

No deductions to be claimed under the new tax regime.

Income between 7.5 and 10 lakh will be taxed 15 per cent instead of 20 per cent.&nbsp;

Those earning between 10 lakh to 12.5 lakh also get to benefit the most, they will pay 20 per cent tax instead of existing 30 per cent.

Income between 12.5 to 15 lakh will be taxed 25 per cent instead of 30 per cent, income above 15 lakh remains unchanged at 30 per cent

The exemptions that finance minister wants you to forgo are as many as hundred. Many have been removed while some are proposed to be rationalized.

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income.

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income. Also Read: Budget 2020 key highlights The taxpayers who do not wish to avail of the new scheme will have the option to continue under the existing tax regime. Here are the highlights of the tax plan: New tax slab proposed for common man. Taxes halved for two income bands. Marginal decrease for other taxpayers. Must forgo exemptions to avail benefits. New taxation regime to be optional. Taxes halved for 5-7.5 lakh and 10-12.5 lakh bands. Those earning 7.5-10 lakh & 12.5-15 lakh to get 5 per cent cut. No deductions to be claimed under the new tax regime. Income between 7.5 and 10 lakh will be taxed 15 per cent instead of 20 per cent. Those earning between 10 lakh to 12.5 lakh also get to benefit the most, they will pay 20 per cent tax instead of existing 30 per cent. Income between 12.5 to 15 lakh will be taxed 25 per cent instead of 30 per cent, income above 15 lakh remains unchanged at 30 per cent The exemptions that finance minister wants you to forgo are as many as hundred. Many have been removed while some are proposed to be rationalized.

Budget 2020: New tax slab proposed for common man

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of &nbsp;Independent India. She couldn't read the last two pages of the Budget.

<a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002">Also read: Govt calls Budget reform-oriented; Opposition terms it rambling, says 'no focus on job creation'</a>

Finance Minister appeared uneasy and was seen wiping sweat from her forehead.

<a href="https://www.wionews.com/business-economy/25-tax-for-individuals-annually-earning-between-rs-10-lakh-and-rs-125-lakh-sitharaman-in-budget-2020-277999">Also read: 25% tax for individuals earning between Rs 10 lakh and Rs 12.5 lakh per year</a>

For immediate relief, she was offered a few candies from fellow MPs but she discontinued her speech. This was the longest Budget speech by any finance minister.

India is grappling with its worst economic slowdown in a decade, with falling employment, consumption and investment ratcheting up pressure on Prime Minister Narendra Modi to revive growth.

The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. It has also warned that an expected bounce back in growth the following year might entail a blow out in fiscal deficit targets.

Amid the ongoing economic slowdown, Finance Minister Nirmala Sitharaman has offered a massive relief to the salaried class with major cuts in the income tax rates. She also announced the abolition of Dividend Distribution Tax for companies.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget.

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget. Also read: Govt calls Budget reform-oriented; Opposition terms it rambling, says 'no focus on job creation' Finance Minister appeared uneasy and was seen wiping sweat from her forehead. Also read: 25% tax for individuals earning between Rs 10 lakh and Rs 12.5 lakh per year For immediate relief, she was offered a few candies from fellow MPs but she discontinued her speech. This was the longest Budget speech by any finance minister. India is grappling with its worst economic slowdown in a decade, with falling employment, consumption and investment ratcheting up pressure on Prime Minister Narendra Modi to revive growth. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. It has also warned that an expected bounce back in growth the following year might entail a blow out in fiscal deficit targets. Amid the ongoing economic slowdown, Finance Minister Nirmala Sitharaman has offered a massive relief to the salaried class with major cuts in the income tax rates. She also announced the abolition of Dividend Distribution Tax for companies. (With inputs from agencies)

Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of independent India

Finance minister Nirmala Sitharaman while presenting the Budget 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 provided the taxpayer opts for foregoing exemptions.

<a href="https://www.wionews.com/business-economy/budget-2020-finance-minister-nirmala-sitharaman-proposes-withdrawal-of-customs-duty-exemption-on-raw-sugar-agro-animal-based-products-278019">Also Read:&nbsp;Sitharaman proposes withdrawal of customs duty exemption on raw sugar, agro-animal based products</a>

"Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said.

"Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted.

For individuals earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said.

<a href="https://www.wionews.com/india-news/latest-india-news-finance-minister-nirmala-sitharaman-breaks-record-of-longest-budget-speech-278005">Also Read:&nbsp;In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil</a>

"The proposal would lead to a revenue sacrifice of Rs 40,000 crore per annum," the minister added.

The minister said the new regime will be optional and the people can continue with old regime if they wanted.

The government also proposed cut in tax on cooperative societies to twenty-two per cent including surchange and cess. Sitharaman also announced extending the approval date by one year of affordable housing projects in order to avail tax holiday on profit earned by developers.

<a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">In Pics: Key facts about India's Budget &nbsp;</a>

"Direct taxes are the lowest, simplest and smoothest," the finance minister said.&nbsp;

The finance minister also announced the extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.

In order to simplify PAN, the minister said a process would be put in place to instantly allot it through Aadhaar.

Finance minister Nirmala Sitharaman while presenting the Budget 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 provided the taxpayer opts for foregoing exemptions.

Finance minister Nirmala Sitharaman while presenting the Budget 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 provided the taxpayer opts for foregoing exemptions. Also Read: Sitharaman proposes withdrawal of customs duty exemption on raw sugar, agro-animal based products "Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said. "Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted. For individuals earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said. Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil "The proposal would lead to a revenue sacrifice of Rs 40,000 crore per annum," the minister added. The minister said the new regime will be optional and the people can continue with old regime if they wanted. The government also proposed cut in tax on cooperative societies to twenty-two per cent including surchange and cess. Sitharaman also announced extending the approval date by one year of affordable housing projects in order to avail tax holiday on profit earned by developers. In Pics: Key facts about India's Budget "Direct taxes are the lowest, simplest and smoothest," the finance minister said. The finance minister also announced the extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021. In order to simplify PAN, the minister said a process would be put in place to instantly allot it through Aadhaar.

Budget 2020: Sitharaman's new optional tax slabs to give choice for people to decide

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade.&nbsp;

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read:&nbsp;Union Budget 2020-21-&nbsp;News Updates</a>

The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption.&nbsp;

<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Also Read:&nbsp;Sitharaman allocates Rs 99,300 crore for education</a>

Here are the reactions of political leaders on Sitharaman's budget:&nbsp;

The budget gives an outline of new and confident India: Defence Minister Rajnath Singh

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The first Budget of the new decade presented today by Finance Minister Smt. <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> gives an outline of a New and Confident India. 
 
It is a promising, proactive and progressive Budget which will make India healthy and wealthy in coming years.
— Rajnath Singh (@rajnathsingh) <a href="https://twitter.com/rajnathsingh/status/1223524289694978053?ref_src=twsrc%5Etfw">February 1, 2020</a></blockquote>
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Govt removes incentives to ''save'' in the nation with no social security: Trinamool Congress on Budget

The Trinamool Congress on Saturday slammed the Union Budget over the removal of tax exemptions and questioned such a move in a country with no social security. 
Finance Minister Nirmala Sitharaman 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.

<a href="https://www.wionews.com/business-economy/nominal-gdp-growth-for-2020-21-estimated-at-10-per-cent-says-fm-sitharaman-277995">Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman&nbsp;</a>

The official handle of Congress party tweeted that the Budget 2020 has failed to layout a roadmap or plan on how the govt plans to address this serious issue.

<img alt="Congress" data-entity-type="file" data-entity-uuid="6ceb8870-ef0a-431d-8df4-863c188ebc78" src="//cdn.wionews.com/sites/default/files/inline-images/congress.JPG" /> 
 
Criticizing the Union Budget presented by the Finance Minister Nirmala Sitharaman, Congress leader Rahul Gandhi said that govt's hollow approach visible in Budget. The budget describes govt's mindset well - all talk, nothing concrete; a lot of repetition and rambling.&nbsp;

"Did not see any concrete, strategic idea in Budget that could help youngsters get jobs; redundant things, no central idea," said Rahul Gandhi.

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade.

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade. Also Read: Union Budget 2020-21- News Updates The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption. Also Read: Sitharaman allocates Rs 99,300 crore for education Here are the reactions of political leaders on Sitharaman's budget: The budget gives an outline of new and confident India: Defence Minister Rajnath Singh The first Budget of the new decade presented today by Finance Minister Smt. @nsitharaman gives an outline of a New and Confident India. It is a promising, proactive and progressive Budget which will make India healthy and wealthy in coming years. — Rajnath Singh (@rajnathsingh) February 1, 2020 × Govt removes incentives to ''save'' in the nation with no social security: Trinamool Congress on Budget The Trinamool Congress on Saturday slammed the Union Budget over the removal of tax exemptions and questioned such a move in a country with no social security. Finance Minister Nirmala Sitharaman 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. Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman The official handle of Congress party tweeted that the Budget 2020 has failed to layout a roadmap or plan on how the govt plans to address this serious issue. Criticizing the Union Budget presented by the Finance Minister Nirmala Sitharaman, Congress leader Rahul Gandhi said that govt's hollow approach visible in Budget. The budget describes govt's mindset well - all talk, nothing concrete; a lot of repetition and rambling. "Did not see any concrete, strategic idea in Budget that could help youngsters get jobs; redundant things, no central idea," said Rahul Gandhi.

Budget 2020 political reactions: Govt calls Budget reform-oriented; Opposition terms it rambling, says 'no focus on job creation'

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure&nbsp;projects.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read:&nbsp;Union Budget 2020-21-&nbsp;News Updates</a>

"Fiscal deficit pegged at 3.8 per cent in current fiscal and 3.5 per cent next year," Sitharaman said during the Budge speech.

The minister also announced concessional tax rate of 15 per cent to power generation companies.

"Concessional withholding rate of 5 per cent on interest payment to non-residents extended up to June 30, 2022," the minister announced.

<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Also Read:&nbsp;Sitharaman allocates Rs 99,300 crore for education</a>

"Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said.

"Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted.

For individuals,&nbsp;those earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said.

Sitharaman proposed 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions.

<a href="https://www.wionews.com/business-economy/nominal-gdp-growth-for-2020-21-estimated-at-10-per-cent-says-fm-sitharaman-277995">Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman&nbsp;</a>

"Expected tax buoyancy will take time," the minister added. "Government to sell part of its holding in LIC," she added.&nbsp;

The minister added that all flagship schemes of the government have been provided for in the Budget.

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure projects.

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure projects. Also Read: Union Budget 2020-21- News Updates "Fiscal deficit pegged at 3.8 per cent in current fiscal and 3.5 per cent next year," Sitharaman said during the Budge speech. The minister also announced concessional tax rate of 15 per cent to power generation companies. "Concessional withholding rate of 5 per cent on interest payment to non-residents extended up to June 30, 2022," the minister announced. Also Read: Sitharaman allocates Rs 99,300 crore for education "Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said. "Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted. For individuals, those earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said. Sitharaman proposed 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions. Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman "Expected tax buoyancy will take time," the minister added. "Government to sell part of its holding in LIC," she added. The minister added that all flagship schemes of the government have been provided for in the Budget.

25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday.

In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for the assessment year 2018-19 (the financial year 2017-18), up 18.65 per cent from over 5.47 crore in the assessment year 2017-18.

"The government has accorded high priority to issue refunds for all taxpayers including small taxpayers. Less than 0.5 per cent of income tax returns (ITRs) are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued," Sitharaman said, adding that with the increased use of technology the time taken to process ITRs is constantly reducing.

Refunds amounting to Rs 64,700 crore have already been issued in this financial year till June 18, 2019, and the total amount of refund released in the Financial year 2018-19, was over Rs 1.61 lakh crore.

Sitharaman further said that 26.9 crore SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time.

In January 2019, the Government had approved integrated e-filing and Centralised Processing Centre (CPC) 2.0 project of the I-T department to process returns in a timely manner, the minister said.

The project envisages pre-filing of ITRs by the I-T department so as to improve the accuracy of the information contained in the return and drastically reduce the time taken to process returns and issue refunds.

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday.

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday. In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for the assessment year 2018-19 (the financial year 2017-18), up 18.65 per cent from over 5.47 crore in the assessment year 2017-18. "The government has accorded high priority to issue refunds for all taxpayers including small taxpayers. Less than 0.5 per cent of income tax returns (ITRs) are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued," Sitharaman said, adding that with the increased use of technology the time taken to process ITRs is constantly reducing. Refunds amounting to Rs 64,700 crore have already been issued in this financial year till June 18, 2019, and the total amount of refund released in the Financial year 2018-19, was over Rs 1.61 lakh crore. Sitharaman further said that 26.9 crore SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time. In January 2019, the Government had approved integrated e-filing and Centralised Processing Centre (CPC) 2.0 project of the I-T department to process returns in a timely manner, the minister said. The project envisages pre-filing of ITRs by the I-T department so as to improve the accuracy of the information contained in the return and drastically reduce the time taken to process returns and issue refunds.

Income Tax department issued Rs 64,700 crore refund between April 1 and June 18: Nirmala Sitharaman

Only one in five US&nbsp;taxpayers expect to pay less income tax this year as a result of the tax reform law passed in 2017 by Republicans who promised big savings for everyday Americans, according to a Reuters/Ipsos opinion poll released on Friday.

The poll suggested that the tax overhaul, mostly geared to helping businesses, may not be as strong a 2020 campaign talking point as Republicans and President Donald Trump had hoped.

Just prior to approval of the tax reform by the Republican-controlled Congress, Trump said, 'This is going to be one of the great gifts to the middle-income people of this country that they've ever gotten for Christmas'.

The tax overhaul lowered federal income tax rates for individuals as well as for corporations, but it also capped certain deductions, such as for state and local taxes, which could mean that some people will wind up paying more.

The March 6-11 survey found about 21 percent of adults who had either filed their taxes or planned to said 'the new tax plan that Congress recently passed'&nbsp;would let them pay less this year; about 29 percent said they would pay more; 27 percent said there would be no impact; 24 percent said they were not sure.

The responses differed along party lines, with Republican taxpayers more likely than others to expect a tax benefit.

According to the poll, about 33 percent of Republicans said they would pay less tax; 17 percent said they would pay more.

Among Democrats, about 8 percent said they would pay less; about 45 percent said they would pay more.

The $10,000 cap imposed on the deduction of state and local taxes, which was previously unlimited, has been seen having the greatest effect on taxpayers in high-tax states, including New York, New Jersey, Illinois, and California, which are all largely Democratic.

The Reuters/Ipsos opinion poll was conducted online in English throughout the United States. It gathered responses from 1,755 people, including 1,439 who said they either 'already filed'&nbsp;or 'will file'&nbsp;an income tax return. It has a credibility interval, a measure of precision, of about 5 percentage points.

Only one in five US taxpayers expect to pay less income tax this year as a result of the tax reform law passed in 2017 by Republicans who promised big savings for everyday Americans, according to a Reuters/Ipsos opinion poll released on Friday.

Only one in five US taxpayers expect to pay less income tax this year as a result of the tax reform law passed in 2017 by Republicans who promised big savings for everyday Americans, according to a Reuters/Ipsos opinion poll released on Friday. The poll suggested that the tax overhaul, mostly geared to helping businesses, may not be as strong a 2020 campaign talking point as Republicans and President Donald Trump had hoped. Just prior to approval of the tax reform by the Republican-controlled Congress, Trump said, 'This is going to be one of the great gifts to the middle-income people of this country that they've ever gotten for Christmas'. The tax overhaul lowered federal income tax rates for individuals as well as for corporations, but it also capped certain deductions, such as for state and local taxes, which could mean that some people will wind up paying more. The March 6-11 survey found about 21 percent of adults who had either filed their taxes or planned to said 'the new tax plan that Congress recently passed' would let them pay less this year; about 29 percent said they would pay more; 27 percent said there would be no impact; 24 percent said they were not sure. The responses differed along party lines, with Republican taxpayers more likely than others to expect a tax benefit. According to the poll, about 33 percent of Republicans said they would pay less tax; 17 percent said they would pay more. Among Democrats, about 8 percent said they would pay less; about 45 percent said they would pay more. The $10,000 cap imposed on the deduction of state and local taxes, which was previously unlimited, has been seen having the greatest effect on taxpayers in high-tax states, including New York, New Jersey, Illinois, and California, which are all largely Democratic. The Reuters/Ipsos opinion poll was conducted online in English throughout the United States. It gathered responses from 1,755 people, including 1,439 who said they either 'already filed' or 'will file' an income tax return. It has a credibility interval, a measure of precision, of about 5 percentage points.

Few Americans see savings from Trump's tax reform: Says poll

Who doesn’t like a sweet surprise! Budget day started with much hype and contradicting opinions – would the interim Finance Minister (FM) stick to the conventional line or would he break convention? &nbsp;

As the FM presented the Interim Budget, given the manner in which the speech was read out, everyone started reconciling to the thought that there would be no change in direct tax provisions. And then suddenly, there was a ‘pop’ - much like a chocolaty explosion in the middle of hard toffee.&nbsp;

He saved the best for the last, ending with a slew of beneficial tax provisions for the common man. However, has he delivered on the expectations of individual taxpayers, especially the middle-class? &nbsp;Let us have a closer look at the personal tax proposals.

There is no change to the income tax rates and slabs. Instead, a tax rebate of Rs 12,500 has been proposed for resident individuals with taxable income not exceeding Rs 5 lakh. Effectively, no tax will be payable by such individuals.&nbsp;

The rebate will, in fact, provide relief to individuals with higher gross income, as rebate is calculated on the final tax payable after applying deductions available under various sections such as 80C (up to Rs 150,000 for investments such as insurance premium, PF contributions, school fees, principal repayment of home loan and PPF), section 80D for medical insurance premium, section 80E for interest on education loan and section 80TTA for interest on savings bank account, among others.&nbsp;

Standard deduction for salaried individuals has been increased by Rs 10,000 to Rs 50,000. Standard deduction up to Rs 40,000 was reintroduced in the last Budget.&nbsp;

Simultaneously, the deductions available for conveyance allowance and medical expenditure were withdrawn, giving a net benefit of only Rs 5,800.

With the proposed increase in the standard deduction of Rs 10,000, the salaried class will get much-needed relief.&nbsp;

Under the current provisions, a notional rental income is applied on more than one self-occupied house property. If a person owns more than one house property which are not let out, only one house can be considered as self-occupied and hence not be subject to tax.&nbsp;

Any additional house or property, if not rented out, is subject to tax on the basis of notional rental value. It is now proposed that this exemption benefit will be available to two such houses. This is a welcome provision, especially for individuals who have houses in different cities on account of their employment.&nbsp;

However, it is to be noted that the corresponding interest on home loans for both such houses will remain restricted to Rs 2 lakh in aggregate.&nbsp;

Furthermore, notional rent will still apply to more than two such houses.

Currently, an individual or Hindu undivided family (HUF) can avail exemption of long term capital gains arising from the sale of the residential house if the capital gains are re-invested in another residential house in India within the prescribed time period. This exemption has now been extended to reinvestment in two such residential houses.&nbsp;

However, this benefit is available only if the capital gains from the sale of the original residential house does not exceed Rs 2 crore. &nbsp;

Moreover, this exemption can be availed only once in the lifetime of the assessee.

The FM has also given relief through proposed amendments in TDS provisions. The threshold for deduction of tax on interest from bank/post office deposits has been increased from Rs 10,000 to Rs 40,000.&nbsp;

TDS provisions on rental income have also been liberalised by increasing the threshold from Rs 180,000 to Rs 240,000. &nbsp;

Both these provisions will provide relief to persons with limited income, as they will not face the hardship of having cash locked up in TDS refunds.&nbsp;

The tone of the Interim Budget was clearly to appease a cross-section of taxpayers. Apart from the specific provisions, the FM also emphasised on greater use of technology in tax administration to make compliance easier, viz. processing tax returns and refunds within 24 hours of filing, handling scrutiny assessments through electronic mode and reducing personal interaction with tax authorities.

He also thanked honest taxpayers for their contribution to nation building, referring to an increase in the number of tax filers and increase in direct tax collections.

Clearly, this government has chosen to move away from the convention of presenting only a vote on account in an election year. The common man will certainly hope that these proposed amendments are here to stay.&nbsp;

(The article is co-authored by Shikha Malsisaria)&nbsp;

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-budget-aimed-at-appeasing-cross-section-of-taxpayers-2716075">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Who doesn’t like a sweet surprise! Budget day started with much hype and contradicting opinions – would the interim Finance Minister (FM) stick to the conventional line or would he break convention?

Who doesn’t like a sweet surprise! Budget day started with much hype and contradicting opinions – would the interim Finance Minister (FM) stick to the conventional line or would he break convention? As the FM presented the Interim Budget, given the manner in which the speech was read out, everyone started reconciling to the thought that there would be no change in direct tax provisions. And then suddenly, there was a ‘pop’ - much like a chocolaty explosion in the middle of hard toffee. He saved the best for the last, ending with a slew of beneficial tax provisions for the common man. However, has he delivered on the expectations of individual taxpayers, especially the middle-class? Let us have a closer look at the personal tax proposals. There is no change to the income tax rates and slabs. Instead, a tax rebate of Rs 12,500 has been proposed for resident individuals with taxable income not exceeding Rs 5 lakh. Effectively, no tax will be payable by such individuals. The rebate will, in fact, provide relief to individuals with higher gross income, as rebate is calculated on the final tax payable after applying deductions available under various sections such as 80C (up to Rs 150,000 for investments such as insurance premium, PF contributions, school fees, principal repayment of home loan and PPF), section 80D for medical insurance premium, section 80E for interest on education loan and section 80TTA for interest on savings bank account, among others. Standard deduction for salaried individuals has been increased by Rs 10,000 to Rs 50,000. Standard deduction up to Rs 40,000 was reintroduced in the last Budget. Simultaneously, the deductions available for conveyance allowance and medical expenditure were withdrawn, giving a net benefit of only Rs 5,800. With the proposed increase in the standard deduction of Rs 10,000, the salaried class will get much-needed relief. Under the current provisions, a notional rental income is applied on more than one self-occupied house property. If a person owns more than one house property which are not let out, only one house can be considered as self-occupied and hence not be subject to tax. Any additional house or property, if not rented out, is subject to tax on the basis of notional rental value. It is now proposed that this exemption benefit will be available to two such houses. This is a welcome provision, especially for individuals who have houses in different cities on account of their employment. However, it is to be noted that the corresponding interest on home loans for both such houses will remain restricted to Rs 2 lakh in aggregate. Furthermore, notional rent will still apply to more than two such houses. Currently, an individual or Hindu undivided family (HUF) can avail exemption of long term capital gains arising from the sale of the residential house if the capital gains are re-invested in another residential house in India within the prescribed time period. This exemption has now been extended to reinvestment in two such residential houses. However, this benefit is available only if the capital gains from the sale of the original residential house does not exceed Rs 2 crore. Moreover, this exemption can be availed only once in the lifetime of the assessee. The FM has also given relief through proposed amendments in TDS provisions. The threshold for deduction of tax on interest from bank/post office deposits has been increased from Rs 10,000 to Rs 40,000. TDS provisions on rental income have also been liberalised by increasing the threshold from Rs 180,000 to Rs 240,000. Both these provisions will provide relief to persons with limited income, as they will not face the hardship of having cash locked up in TDS refunds. The tone of the Interim Budget was clearly to appease a cross-section of taxpayers. Apart from the specific provisions, the FM also emphasised on greater use of technology in tax administration to make compliance easier, viz. processing tax returns and refunds within 24 hours of filing, handling scrutiny assessments through electronic mode and reducing personal interaction with tax authorities. He also thanked honest taxpayers for their contribution to nation building, referring to an increase in the number of tax filers and increase in direct tax collections. Clearly, this government has chosen to move away from the convention of presenting only a vote on account in an election year. The common man will certainly hope that these proposed amendments are here to stay. (The article is co-authored by Shikha Malsisaria) (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Budget aimed at appeasing cross-section of taxpayers

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday.

Releasing key statistics of income tax and direct taxes for a period of about four years, the policy-making body of the IT department said the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68 per cent.

"The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase.

"While 88,649 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent," the CBDT said.

Similarly, it said, the number of individual taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 per cent.

CBDT Chairman Sushil Chandra said these numbers were a result of putting in a number of legislative, informative and enforcement efforts by the tax department over the last four years.

The data also added that a growth of more than 80 per cent was registered in the number of returns filed in the last four financial years -- from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday.

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday. Releasing key statistics of income tax and direct taxes for a period of about four years, the policy-making body of the IT department said the number of individual taxpayers earning over Rs 1 crore annually had seen a growth of about 68 per cent. "The total number of taxpayers (corporates, firms, Hindu undivided families among others) showing income of above Rs 1 crore has registered a sharp increase. "While 88,649 taxpayers had disclosed income above Rs 1 crore in assessment year 2014-15, the figure was 1,40,139 for AY 2017-18, which is a growth of about 60 per cent," the CBDT said. Similarly, it said, the number of individual taxpayers disclosing income above Rs 1 crore had increased during the same period from 48,416 to 81,344, which translated into a growth of 68 per cent. CBDT Chairman Sushil Chandra said these numbers were a result of putting in a number of legislative, informative and enforcement efforts by the tax department over the last four years. The data also added that a growth of more than 80 per cent was registered in the number of returns filed in the last four financial years -- from 3.79 crore in 2013-14 to 6.85 crore in 2017-18.

In last 4 years, number of Indian crorepatis has risen by 60%: Tax Board

The government is working on an ambitious policy proposal to "facilitate" honest and consistent taxpayers in availing a variety of public services and tax-related works on priority, officials said Sunday.

They said that a committee under the Central Board of Direct Taxes, the policy-making body for the Income Tax Department (ITD), is working to chalk out the broad parameters for extending such "courtesies" and benefits to taxpayers who pay their taxes on time and in full.

The proposal will be vetted by the Finance Ministry and sent for final approval to the Prime Ministers Office (PMO) before it is cleared by the Union cabinet.

A cabinet note to enhance the output of the Central Processing Centre (CPC) of the department in Bengaluru has already been prepared and sent.

The capacity and automation of the CPC, the repository of tax payer's data and their IT Returns (ITRs), is proposed to be enhanced so that refunds can be issued real-time and ITRs of small taxpayers (with single source of income) can be processed within hours and not days, as prevalent at present, they said.

As part of the larger plan, they said, it is proposed that honest taxpayers are empowered to get "priority service" while using public services at airports, railways stations and at tolls on highways.

Prime Minister Narendra Modi, during a conference with senior tax officers last year, had urged the department to enhance taxpayer services and ensure that honest taxpayer are given due importance.

It is proposed that taxpayers who have been consistently paying their taxes or even just filing their returns can be hosted at civic receptions held by prominent government functionaries and are honoured publicly, they said.

A unique identity number could be given to such taxpayers or their permanent account number (PAN) could be flagged as special as part of this maiden taxpayer facilitation proposal, they added.

Few years back, the CBDT had started a process by which diligent taxpayers were sent thank you or appreciation notes over email under the name of the CBDT Chairman.

It is proposed to take this initiative forward and the CBDT committee is working on it, a senior official in the finance ministry said.

The committee of senior officers of the CBDT and the IT Department will soon submit its report to the board, they said.

It is also being thought to fully launch hassle-free electronic assessment of diligent taxpayers as part of the new proposal, they added.

The CBDT is already working to usher in a mega plan where a taxpayer can be assessed electronically in any part of the country, as part of its measures to reduce complaints of harassment and corruption in rendering these services.

At present, a taxpayer is assessed by an IT officer based in the city where the person earns their income.

"These new proposals could well be launched by the end of this year," a senior official said.

There are about 8 crore income taxpayers in the country at present and the CBDT has instructed the taxman to add 1.25 crore to this tally by the end of the current financial year in March next year.

The government is working on an ambitious policy proposal to "facilitate" honest and consistent taxpayers in availing a variety of public services and tax-related works on priority, officials said Sunday.

The government is working on an ambitious policy proposal to "facilitate" honest and consistent taxpayers in availing a variety of public services and tax-related works on priority, officials said Sunday. They said that a committee under the Central Board of Direct Taxes, the policy-making body for the Income Tax Department (ITD), is working to chalk out the broad parameters for extending such "courtesies" and benefits to taxpayers who pay their taxes on time and in full. The proposal will be vetted by the Finance Ministry and sent for final approval to the Prime Ministers Office (PMO) before it is cleared by the Union cabinet. A cabinet note to enhance the output of the Central Processing Centre (CPC) of the department in Bengaluru has already been prepared and sent. The capacity and automation of the CPC, the repository of tax payer's data and their IT Returns (ITRs), is proposed to be enhanced so that refunds can be issued real-time and ITRs of small taxpayers (with single source of income) can be processed within hours and not days, as prevalent at present, they said. As part of the larger plan, they said, it is proposed that honest taxpayers are empowered to get "priority service" while using public services at airports, railways stations and at tolls on highways. Prime Minister Narendra Modi, during a conference with senior tax officers last year, had urged the department to enhance taxpayer services and ensure that honest taxpayer are given due importance. It is proposed that taxpayers who have been consistently paying their taxes or even just filing their returns can be hosted at civic receptions held by prominent government functionaries and are honoured publicly, they said. A unique identity number could be given to such taxpayers or their permanent account number (PAN) could be flagged as special as part of this maiden taxpayer facilitation proposal, they added. Few years back, the CBDT had started a process by which diligent taxpayers were sent thank you or appreciation notes over email under the name of the CBDT Chairman. It is proposed to take this initiative forward and the CBDT committee is working on it, a senior official in the finance ministry said. The committee of senior officers of the CBDT and the IT Department will soon submit its report to the board, they said. It is also being thought to fully launch hassle-free electronic assessment of diligent taxpayers as part of the new proposal, they added. The CBDT is already working to usher in a mega plan where a taxpayer can be assessed electronically in any part of the country, as part of its measures to reduce complaints of harassment and corruption in rendering these services. At present, a taxpayer is assessed by an IT officer based in the city where the person earns their income. "These new proposals could well be launched by the end of this year," a senior official said. There are about 8 crore income taxpayers in the country at present and the CBDT has instructed the taxman to add 1.25 crore to this tally by the end of the current financial year in March next year.

Honest, consistent taxpayers to be feted by government; policy proposal in works

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