IT IS RAINING HEAVILY OUTSIDE SINCE 5 ‘O CLOCK OF THE MORNING AND THE WEATHER IS THE BLISS . BUT , UNFORTUNATELY , TODAY , I AM UNABLE TO MEET MY MORNING FRIEND WHICH IS NEWSPAPER , AS IT IS STILL RAINING HEAVILY , DUE TO WHICH , NEWSPAPER DISTRIBUTOR DID N’T COME . I DECIDED NOT TO BREAK MY MORNING ROUTINE DUE TO SUCHA A BLISS . SO , I READ THE NEWS FROM THE NEWS APP , GOING TO THE DIFFRENT SEGMENTS , MY EYES WENT ON THIS HEADLINE WHICH ITSELF CONCLUDES , HOW MUCH IN THE FAVOUR OF PEOPLE IT IS !. FURTHER , I STARTED READING IT SENTENCE BY SENTENCE , IT IS THE CHANGES IN THE TAX REFORMS , FEW INTRODUCTIONS AND FEW ADDITIONS TO THE REFORMS.
IF WE TALK ABOUT THE TAX REFORMS OF 2019 , CORPORATE TAX LAST YEAR WAS CUT DOWN FROM 30% TO 22% WHICH IS WELCOMED BY MOST AS IN ANTICIPATING MORE FUNDS IN OUR HANDS. AT PRESENT , THAT IS IN THE YEAR 2020 , THE CORPORATE TAX IS FURTHER CUT DOWN FROM 22% TO 15% , WHICH IS IN MY OPINION IS A RATIONAL DECISION . AS WE ALL KNOW , WE ARE GOING THROUGH THE MOST DIIFICULT TIME AND SURVIVING IT , THE ECONOMIC DISRUPTION HAPPENING THIS YEAR IS THE WORST . THE SCHOLARS ARE SAYING THAT THE GDP GROWTH OF THIS YEAR IS GROWING TO THE WORST , MORE DISRUPTED THAN THE GDP GROWTH IN THE YEAR OF 1947. SO , THIS MOVE IS IEVITABLE TO MAKE.IN ADDITION TO THIS , DIVIDEND DISTRIBUTION TAX WAS ALSO ABOLISHED IN 2019.
THE MAIN FOCUS OF THEESE REFORMS IS ON THE REDUCTION IN THE TAX RATES , SIMPLIFICATION OF THE DIRECT TAX LAWS , THERE SHOULD BE MORE TRANSPARENCY IN THE COMMUNICATION , TO MAKE IT HAPPEN , A NEW IDENTIFICATION NUMBER WILL BE ALLOTED TO THE IUNDIVIDUALS. MOREOVER , IT IS ALSO HELPING IN THE PENDING TAX DISPUTES , UNDER THE SCHEME ‘ VIVAD SE VISHWAS ACT 2020 ‘ INTRODUCED IN THEESE TAX REFORMS FOCUSING ON TO REDUCE TAXPAYER GRIEVIANCES AND THE LITIGATION , STATUTORY FILING OF DEPARMENTAL APPEALS . IT IS ALSO HELPING TAX PAYERS IN COVID-19 PANDEMIC BY EXTENDING STATUTORY TIMELINES FOR FILING RETURNS , RELEASING FUNDS EXPEDITIOUSLY TO INCREASE LIQUIDITY IN THE HANDS OF THE TAX PAYERS.
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