Income tax settlement panel scrapped
Income tax settlement panel scrapped Tax practitioners express serious concerns as any non-compliance would have severe cost and penalty implications The budget has proposed to discontinue the Income-Tax Settlement Commission (ITSC) and set up an interim board to settle pending cases. The government expects the move will simplify tax administration, ease compliance and reduce litigation. However, tax practitioners have expressed serious concerns as any non-compliance would have severe cost and pena...
Source: telegraphindia.com