The timeline for the panel to submit its recommendation remains unchanged to July 31.
The CBDT has expanded the scope of the panel constituted for re-writing the direct tax code by including five more items in the terms of reference (ToR) of the committee, sources said. The timeline for the panel to submit its recommendation remains unchanged to July 31.
The new items in the ToR include faceless and anonymized scrutiny assessments, reduction of litigation and expeditious disposal of appeals at CIT(A) stage and going up to the Supreme Court. The issue of sharing of information between GST, customs and other government bodies that hold data on taxpayers has also been included.
Additionally, simplification of the procedure to reduce compliance burden and system-based cross verification of financial transactions have also been included in the ambit of the panel.
Rakesh Nangia, managing partner at Nangia Advisors (Andersen Global), said: “The additional aspects signify the focus areas of the government which revolve around taxpayer-friendly administration, transparent and effective exchange of information among various departments and verification of financial transactions to control tax evasion. These additional aspects are quite significant and would aid in shaping up a better compliance-oriented administration and increasing taxpayers’ trust.”
Source- Financial Express.