On Thursday, PM Narendra Modi has decided to start a platform called "Transparent Taxation- honoring the honest" for those who pay tax honestly. Union Finance and Corporate Affairs Minister Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs Anurag Singh Thakur will also be present in this event through video conference.

A special statement has been issued by the PM's office. In which it was said that apart from the officials of the Income Tax Department, well-known taxpayers along with various chambers of commerce, trade associations and chartered accountant associations will also participate in this program. The statement said, "The platform that PM will launch for 'transparent taxation - honouring the honest', will take the journey of direct tax reforms even further."

The Central Board of Direct Taxes (CBDT) has made several major changes in direct tax in recent years. Last year, the corporate tax rate has been reduced from 30 percent to 22 percent. This rate was further reduced to 15 percent for new manufacturing units. The 'dividend distribution tax' was also removed.

The statement said that under the tax reforms, the focus has been on reducing tax rates and simplification of direct tax laws. The CBDT has also taken several initiatives to bring efficiency and transparency in the functioning of the Income Tax Department. In order to provide a solution to the pending tax disputes, the Income Tax Department has also introduced the Direct Taxes 'Disputes to Trust Act, 2020'. According to which announcements are currently being made to settle the disputes.

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