FACEless assessment Scheme
CA Amit Singhal
Founder @ Shwet Patra LLP | Tax Advisor | Former Partner BDO & PwC alumnus | Delhi School of Economics alumnus | avid Traveler | Staunch believer of Women Empowerment
Key remarks made by Honourable Principal Chief Commissioner of Income Tax re Faceless Assessment Scheme(FAS) on August 27, 2020
Backdrop
A National e-Assessment Centre (NeAC) and a network of Regional e-Assessment Centres will be set up to implement the Faceless Assessment Scheme of the Income Tax Department, launched nation-wide by Prime Minister Shri Narendra Modi on 13th August, 2020.
The regional assessment network would comprise assessment units, verification units, technical units and review units. The system allows for dynamic jurisdiction, team-based working, and functional specialization and does away with human interface altogether.
Key remarks
?Faceless E-Assessment scheme (FAS) is a right step towards Minimum Government, Maximum Governance and the foundation stone for a transparent tax system
?FAS provides ease of tax compliance and opportunity to taxpayers before finalizing of assessment order
?FAS is new system designed for the 21st century
?There is no discretion in selection of assessment cases, while earlier, case selection used to happen manually
?In place of single territorial jurisdiction, we now have automated random allocation of cases
?While notices used to be issued both manually and on the system, issue of notices will now be done through a central mechanism (by NeAC) in electronic mode
?There will be no physical meeting with any officer, no officer will call tax payers to office and no more waiting outside office
?Wide discretion and subjective assessment are being replaced by team-based assessment and a system wherein draft order is issued in one city, review is done in another city and finalization is done in yet another city
?FAS gives opportunity to taxpayers, in case of any order prejudicial before finalizing the assessment order
?All taxpayers ought to visit the e-filing portal to understand how easy it is to use the platform from where all issues with the Department can be resolved easily
Hope you find it interesting.
Please feel free to reach out to undersigned in case you want to discuss FAS in detail.
regards,
Amit Singhal
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?:+91 124 4039988
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