Prelims: Current events of national and international importance | Economy
Why in News?
The Union FM, Sitharaman, outlines 5Rs of responsive tax governance.
- The 5Rs of Responsive Tax Governance are
- Recognize,
- Respond,
- Redress,
- Reflect and
- Reform.
- It reiterates fair, efficient, transparent and taxpayer-centric administration.
- Finance Minister also for greater tax certainty and reduced litigation to strengthen taxpayer confidence and support India’s economic growth.
- Flagship publications released by the Income Tax Department
- Avlokan, the inaugural annual report of the FT&TR Division, highlighting India's growing leadership in international taxation.
- The Manual on Exchange of Information and the updated Guidance Note on FATCA & CRS.
- India's 1st comprehensive guidance note on crypto asset reporting obligations for crypto-asset service providers.
- The Annual Report of the APA Programme, showcasing the programme's progress; and
- Re-engineering Tax Governance, tracing the department's journey of transformation from paper-based processes to an integrated, technology-driven and taxpayer-centric digital ecosystem.
Reference
DD News | 5R mantra on Income Tax Day
