India Asks Public Feedbacks On Drafting New Direct Tax Law

; posted on
March 22nd, 2018

The Ministry of Finance in India announced that the Central Board of Direct Taxes (CBDT) has established a task force to review the Income Tax Act (1961) and a new Direct Tax Law is expected to be drafted. In order to have the draft fit the current and practical economic needs of the country, the CBDT is aware of the importance of taking suggestions and feedback from stakeholders and general public into consultation and is issuing a questionnaire for public views.

Consultation

The consultation is divided into five sections to assess and improve the tax compliance situation of current system:

  • Filing the return of income: consults the taxpayers on complexity and their compliance cost to file return, as well as suggestions for implementing the IT return system;
  • Tax Credit: in this section, e-filing system and tables are consulted;
  • Processing/ Scrutiny of return: in this section, satisfaction on the present system are consulted, including the centralised processing centre, etc.;
  • Litigation and recovery of disputed tax demand: in this section, taxpayers’ satisfaction with resolution mechanism are consulted, including the mutual agreement procedure, the work for Income Tax Settlement Commission and Income Tax Appellate Tribunal etc.;
  • Penalty and Prosecution: in this section, opinions on penalties for various

defaults under the Income-tax Act (1961) are consulted.

Other suggestions on the new draft or current system are also welcomed.

Due to Reply

All feedbacks are expected to be sent online to rewriting-itact@gov.in by April 2, 2018.

Sources: CBDT, Times of India

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