Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman's Presentation on Measures to Boost Economic Growth
Posted On: 2019-09-14
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Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman's Presentation on Measures to Boost Economic Growth
Follow up on Announcements made
- I had reported implementation of 6 of the 32 announcements relating to banking made on 8.2019.
- Partial credit guarantee scheme for banks to buy assets of NBFCs has been implemented.
- Measures being taken to improve credit outflows from banks
- Transmission of interest rate cuts are being effected by banks
Follow up action:Faceless Assessment
The E-assessment Scheme under section 143(3A) of the IT Act notified on 12.09.2019
- Salient Features
- Removal of existing human interface in the assessment procedure
- Assessment to be handled by specific functional units on the basis ofautomated allocation system
- Assessment unit will be anonymous
- All communication to be made exclusively in electronic mode
- No personal appearance of any assessee
Follow up action :Document Identification Number (DIN)
Circular No.19/2019 issued on 14.08.2019
- Salient Features
- All notices, summons, orders, communication to be issued only through systems
- All documents to have unique DIN
- Validation of Documents issued can be done on e-filing portal
- Documents without DIN to be treated as non-est
Follow up action : Compounding of Past Offences
Circular No. 25/2019 issued on 09.09.2019
- Salient Features
- Compounding application can be filed upto 12.2019 which were not filed within prescribed time schedule earlier
- This will reduce the existing pendency of prosecution cases before the courts
Follow up action :Prosecution Easing Measures
Circular No. 24/2019 issued on 09.09.2019
- Salient Features
- Smaller taxpayers with minor procedural defaults will not be prosecuted
- Prosecution to be launched only in deserving cases and to be commensurate to the degree of offence
- For defaults below 25 lakhs, prosecution to be sanctioned only with the prior approval of Collegium of two CCIT/DGIT rank officers
Read more and Download Link of Final Presentation 14.09.2019 FM's Conference
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