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FM makes tax dept more people-friendly
New Delhi, July 15: The government on Tuesday announced setting up of a National Tax Tribunal for uniform interpretation and implementation of the Income Tax Act and 50 additional benches of the Appellate Tribunal, besides steps to quicken refunds and remove the fear of tax raids.
New Delhi, July 15: The government on Tuesday announced setting up of a National Tax Tribunal for uniform interpretation and implementation of the Income Tax Act and 50 additional benches of the Appellate Tribunal, besides steps to quicken refunds and remove the fear of tax raids.
Finance Minister Jaswant Singh also announced introduction of the institution of ombudsman for clearing tax disputes.
"I have instructed that searches should be authorised only where credible evidence of substantial tax evasion exists. Search and seizure is to be resorted to with great care and utmost caution and to be undertaken only with orders from the Director General (Investigations)," Singh told the All India Conference of Chief Commissioners and Director Generals of Income Tax and Customs and Central Excise.
He said it has been decided to introduce 50 additional benches of Income Tax Appellate Tribunal in consultation with the Law Ministry to ensure speedy disposal of cases within six months.
For making the Compounding Taxation regime milder, Singh announced reduction in compounding fees.
"These guidelines are a little restrictive and prosecutions are launched even for technical breaches," he said adding there were 27,000 cases pending on this account alone.
Bureau Report
"I have instructed that searches should be authorised only where credible evidence of substantial tax evasion exists. Search and seizure is to be resorted to with great care and utmost caution and to be undertaken only with orders from the Director General (Investigations)," Singh told the All India Conference of Chief Commissioners and Director Generals of Income Tax and Customs and Central Excise.
He said it has been decided to introduce 50 additional benches of Income Tax Appellate Tribunal in consultation with the Law Ministry to ensure speedy disposal of cases within six months.
For making the Compounding Taxation regime milder, Singh announced reduction in compounding fees.
"These guidelines are a little restrictive and prosecutions are launched even for technical breaches," he said adding there were 27,000 cases pending on this account alone.
Bureau Report