Mayank Agrawal & Arush Agrawal, Symbiosis Law School, Pune
ABSTRACT
Taxes are the major source of revenue for the government and levies and collection of taxes are their sovereign rights. In India, taxes are majorly classified into two categories, namely direct and indirect taxes. The assesses pay a portion of their income earned to the government in the first category whereas in the latter taxes are levied on the purchases of goods and services by the customer and the final burden of taxes is borne by the end consumer. Income Taxes are one of the major sources of revenue for the Government of India. In recent years the government has brought a lot of amendments in the income tax arena to shift to online mode from physical mode. This paper will be focused on one of the changes that have been brought into the assessment process under the Income Tax Act, 1961. Faceless Assessment was introduced in the year 2019 via the incorporation of the Finance Act, 2019. This paper will provide a holistic view of the Faceless Assessment.
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