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Income tax department considering peer review before tax assessments

Posted Date : 03-Dec-2015 , 07:28:52 am | Posted By CASANSAAR print Print
Aiming to make it easier to pay taxes and improve quality of tax orders, the government has set up a committee to look into possibility of a system of peer review before assessment. 

To a query on whether government feels peer review assessments can improve quality of tax orders, as recommended by the TARC, Minister of State for Finance Jayant Sinha said: "The issue is being examined by a Committee which was constituted by the Central Board of Direct Taxes (CBDT) in September 2015". 

In a written reply yesterday, he said it has been the endeavour of the government to simplify the procedures for compliance with tax laws including payment of taxes. 

"Further, simplification of procedures relating to payment of central taxes is a continuous process," Sinha added. 

In September the CBDT had constituted a committee, under Principal Commissioner, for examining feasibility of recommendations of Tax Administration Reform Commission (TARC) in respect of peer review before assessment. 

Sinha said on the Customs side, facility for 24x7 customs clearance for specified import is now available at 18 sea ports and 17 air cargo complexes. "The importers can pay the dues any time during the day/night and obtain clearance of goods". 

In reply to another question, Sinha said foreign portfolio investors (FPIs) have made a net investment of Rs 2.72 lakh crore between May 2014-November 20, 2015. 

Out of the 8,585 FPIs registered as on November 20, a total of 1,242 FPIs have been net sellers during the afforementioned period, with net sale of over Rs 2.63 lakh crore, he said.(PTI - Economic Times)
 
 
 

Category : Income Tax | Comments : 0 | Hits : 816

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