'Faceless assessment' of I-T returns from Oct 8

Union Minister of State for Finance and Corporate Affairs Anurag Singh Thakur on Saturday said that ‘faceless assessment’ of income tax returns will be introduced on October 8.

“From this Vijaya Dashami, neither the tax payer nor income tax officials will come to know who is verifying which I-T returns. The I-T return filed in one place will be assessed by the officials of some other place,” he said.

Thakur said that the I-T officers have been asked not to suspect all, but to respect tax payers, so that law-abiding people do not get the feeling of harassment.

Commenting on the economy, Thakur predicted that more demand will be created after all banks would hold loan melas next month.

From October 3 to 7, 250 loan melas would be conducted in the first phase. Banks are asked to give loan to five new customers, when they give loan to an old borrower, he said.

He said Bharat IV Standard vehicles can be registered up to March 31 next year. Vehicle registration fee revision is also postponed to June next year. Deduction in tax rate is announced to boost automobile sector and for the benefit of customers, he noted.

Tax rates have been cut and steps have also been taken to boost all sectors. Investments are being encouraged and due focus is given to manufacturing sector also, which creates more jobs.

The schemes for the agriculture sector are also being implemented. Suggestions of businessmen and others are also being considered, and measures are being taken to make India a $5 trillion economy by 2025, he added.

Thakur also assured that Karnataka will get flood relief funds which it deserves, after completing the procedures.