Honouring the honest tax payers: PM Modi unveils new tax reforms today

"In the last six years, banking the unbanked, securing the unsecured and funding the unfunded has been our focus. Today, it is the start of a new journey - 'Honoring The Honest'. The honest taxpayer plays a massive role in the growth of the nation," Modi said.

"The initiatives that start today reflect our vision towards 'minimum government, maximum governance'. Every rule, regulation and policy is being transferred from process and power-centric approach to people-centric and public friendly," he added.

In order to ease the ease of compliance for tax payers, the Income Tax department has moved towards prefilling of IT returns to make compliance more convenient for each taxpayer.

On the occasion, Modi said, "Faceless assessment will be decided randomly by a computer and will be changed from time to time. This will ensure that the income tax administration and the income tax payers cannot communicate to each other, bringing any changes of pressuring to zero."

"The taxpayer Charter will be a major step in India's growth journey. It is a major step in balancing a tax payer's rights and responsibilities. There are only a few countries who respect and protect a taxpayer like this. India joins that list today," he added.