Retrospective panel to be constituted soon: CBDT
CBDT (Central Board of Direct Taxes) is expected to notify later this week the constitution and terms of reference of a high- level committee, which will scrutinise all Income Tax cases emerging out of the retrospective amendment of the Act.
This new mechanism was declared by the Finance Minister Arun Jaitley in the budget speech on July 10. This was the maiden budget which was presented by Jaitley after the formation of the Modi led new government.
The committee which will have an oversight of all the retrospective amendment cases will be notified by this week. A senior Finance Ministry official mentioned in a press conference that they are hopeful that in the next 7-8 days, the members of the committee and its working protocols will be notified.
The senior Finance Ministry official stated that the committee would be headed by the Central Board of Direct Taxes Chairperson and would comprise a member of the board, a Joint Secretary rank officer of the Finance Ministry, the Director General of I-T (International Taxation) and few others.
The official also mentioned that the committee would function as a permanent panel until all cases under the retrospective tax demand domain are exhausted.
Jaitley during his budget speech also stated that the new government will not ordinarily bring about any change retrospectively which creates a fresh liability.
Source- Financial Chronicle
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