Sources said the revenue department is mulling on the idea of a national bench of AAAR since it feels that the Authority for Advance Ruling (AAR) mechanism in its current form is not serving its objective of providing certainty to taxpayers under the Goods and Services Tax (GST) regime.
Tax payers in the city will have to wait before they can avail early bird incentive scheme on payment of property tax since the Brihanmumbai Municipal Corporation has deferred its implementation to the next financial year
Tax payers caught in legal battles with the income tax department may be in for a relief. The department,known to be the biggest litigant in the government,has decided to work towards changing the mindset of the officials responsible for the litigations.
New Delhi, Feb 29 (ANI): Congress Leader P. Chidambaram on Monday said that one big take away from Budget 2016-17 was that there is no new idea presented by Finance Minister Arun Jaitley, adding that NDA has followed its own brand of budget making. He further said that there is no major relief for tax payers, and the reduction of corporate tax rate from 30 percent to 29 percent for a very limited class, is laughable. He said that the only virtue of the budget is that it has left every section disappointed and he is happy that the UPA schemes have been continued with. He added that the government is boasting that they collected more tax than ever, but it was only due to excise on crude and not from corporate tax.