Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman's Presentation on Measures to Boost Economic Growth

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