Faceless assessment in income tax is a system where tax assessments are conducted electronically. It has ended the need for physical interaction between taxpayers and tax authorities. Its main aim is to enhance transparency, reduce corruption, and streamline the assessment process. This is the simple answer to what is faceless assessment in income tax.
What is Faceless Tax Assessment Meaning?
Faceless Income Tax Assessment is a system where tax assessments are done online without any in-person meetings between taxpayers and tax officials. The system started on October 7, 2019, under the initiative of Prime Minister Narendra Modi.
The Faceless IT assessment is governed only by Delhi, the National e-Assessment Centre. The regional centres of the authority will be in Mumbai, Kolkata, Hyderabad, Chennai, Pune, Ahmedabad and Bengaluru.
What are the Advantages of Faceless Assessment?Some of the main advantages of faceless assessment are:
It brings relief to honest taxpayers.
Reduces the potential for bribery within the tax department.
Allows taxpayers to submit returns without knowing the officials, enhancing anonymity and fairness.
Eliminates the chances of harassment by government machinery.
Enhances transparency in the tax assessment process.
So these are all the details of the faceless assessment of tax and I hope you have understood the concept better.
Consult with NoBroker’s Legal Experts for Any Property Tax Related QueryRead More:
How to get income tax assessment order?
What is Faceless Assessment?
Jaya
28 Views
1
1 Year
2024-05-24T08:24:40+00:00 2024-05-24T08:40:23+00:00Comment
Share