Clarity in Tax Laws - Suggest Changes - through TIOL
IN his Budget Speech on 10th June 2014, Finance Minister Arun Jaitley said,
I propose 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 is 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.
Accordingly, six months later, on 3rd December 2014, the Government appointed the High Level Committee headed by Ashok Lahiri, Former Chief Economic Advisor with Sidhartha Pradhan, Retired Member, Income Tax Settlement Commission and Gautam Ray, Retired DG(Audit) Customs and Central Excise as Members.
The Committee will give recommendations to the CBDT/CBEC for issuance of appropriate clarifications by way of circulars, instructions etc. on tax issues. The CBDT/CBEC will issue the required clarifications, circulars, instructions etc., within a period of 2 months from the date of receipt of recommendations of the HLC.
The Committee is likely to meet TIOL next week and we invite our esteemed Netizens to suggest changes in both Direct and Indirect Taxes that would iron out the creases of Tax procedures. You can suggest issues, which can be sorted out by circulars and instructions by CBEC/CBDT. This is your best opportunity to effectively tell the tax administration at the highest level where clarity is required.
Please send in your suggestions by email only at editor@tiol.in with the subject - Tax Clarity CBDT/CBEC. Please make your points brief and clear and also mention the suggested circular/instruction that the Boards should give.
Please send in your mails latest by 7th January 2015.