Quote on Major overhaul of Direct Tax Laws ahead by Rony Antony, BDO India
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Below the Quote on Major overhaul of Direct Tax Laws ahead by Rony Antony, BDO India
“The rationalization of the income tax is long overdue. While some efforts were made in that direction with a proposed Direct Tax Code, not much has happened post-introduction of a draft. It appears that the thought process currently is to fix the issues within the current enactment rather than bring up a new one. There are several areas in the current enactments that need a fix. But a few quick fixes that can help taxpayers is the rationalization of TDS obligations. Currently, there are multiple provisions in the TDS sections that are creating issues for taxpayers. Rationalization of rates is one area that can help. Additionally, rationalization of provisions to take care of litigious issues that have emerged could help taxpayers with certainty.
Another area is to curb litigation on matters that have attained finality. With significant amounts stuck in litigation, this poses an issue for taxpayers who want certainty and the tax department that wants to collect taxes. The Department continues to litigate matters which have even attained finality at the Supreme Court. The government can think of issue-based guidelines to tax department which can curb the scourge of litigation.”
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