Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: TDS :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: due date for vat payment
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Govt sets up high-level panel on tax issues
December, 04th 2014

The government on Wednesday set up a High Level Committee (HLC) to interact with trade and industry and identify areas where clarity on tax laws is needed, a move aimed at boosting confidence among taxpayers.

The panel will be headed by former chief economic adviser Ashok Lahiri and includes Sidhartha Pradhan , former member of Settlement Commission (income tax and wealth tax) and Gautam Ray former DG (audit) customs and central excise. The HLC will submit half-yearly reports to the finance minister Arun Jaitley.

In his 2014-15 Budget speech, Jaitley had announced the government's intention to set up a high level committee to interact with trade and industry on a regular basis and ascertain areas where clarity in tax laws was required. Based on the recommendations of the committee, the Central Board of Direct Taxes and the Central Board of Excise and Customs shall issue appropriate clarifications, wherever considered necessary, on the tax issues within a period of two months.

This was among several measures that the NDA government had unveiled to boost the confidence of tax payers and provide certainty and clarity in tax laws. The government is dealing with several high profile tax disputes with multinationals and has taken steps to calm nerves of investors by promising a non-adversarial tax regime.

The panel will give recommendations to the CBDT/CBEC for issuing appropriate clarifications on tax issues. The two tax authorities will issue clarifications within two months from the date of receipt of recommendations of the panel.

The committee will be assisted by two nodal officers not below the rank of joint secretary/commissioner, one each from Income Tax and Customs & Central Excise. The choice of nodal officers will be recommended by the CBDT and the CBEC. The appointment of would be approved by the revenue secretary, a statement said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions