With rupee being one of the strongest currencies over the last few months, India has seen a decline in its exports, which fell for the seventh straight month in June, contracting 15.82 per cent year-on-year.
Faced with queries from professionals regarding the implication of the new Black Money Act, tax experts say that lack of clarity and paucity of time are the main challenges for implementation of the law.
The directive, which is a part of the central action plan of the CBDT for the current financial year, comes in wake of the earlier criticism within the department that while the quality queries were deteriorating.
The department has asked the field staff to add at least 25 lakh new assessees every month — a stiff target by all counts considering that it is nearly equivalent to the number of new assessees added annually.
The special cell to facilitate operations of South Korean firms in India is the third such platform being set up by the Centre. Fast-track panels for investors from Japan and the US are already in place.