We are pleased to state that, for the first time, the Government has taken very positive step inviting the tax professional organizations and tax professionals to have very interactive meeting with Honourable Finance Secretary, to consider suggestions on the Direct and Indirect taxes as a part of the budget preparatory exercise for the Financial Year 2018.<\/p>\n
On behalf of the Federation, Dr. K. Shivaram, Sr. Advocate, and Mr. Vipul Joshi, Advocate, presented the view of the Federation on Direct taxes, Mrs. Nikita R. Baddheka, Advocate, and C.A. Janak Vaghani presented the view of the Federation on GST. For attracting investments in India, one of the major road block is delay in disposal of matters before various forums. The Federation has suggested various conceptual suggestions.<\/p>\n
Some of the important suggestions are as follows: <\/p>\n
1.\tAccountability in tax administration.<\/p>\n
2.\tAll orders of the Commissioner may be made Appealable to Tribunal.<\/p>\n
3.\tSingle member of the ITAT may be authorized to decide the matter though the assessed income is more than 50 lakhs, if penalty, interest or addition may be less than 10 lakhs. Alternatively if assessed income, interest or penalty in dispute is less than Rs. 20 lakhs, the SMC may be authorized to decide the matter.<\/p>\n
4.\tDirect appeal to Supreme Court from the order of the Tribunal where important question of law is involved which is affecting large number of assesses in various states.<\/p>\n
5.\tE Benches of the Supreme Court linking all the High Courts and matters will be heard from the respective Court<\/p>\n
6.\tPublishing all the issues pending before various High Courts by the CBDT.<\/p>\n
7.\tTime limit to CIT( A) to pass the orders.<\/p>\n
8.\tAdvance ruling for resident assessee. <\/p>\n
9.\tSpecial courts to deal with prosecution matters on Direct and indirect taxes in time bound manner.<\/p>\n
10.\tProvisions regarding appointment of members of the ITAT on tenure basis may be deleted.<\/p>\n
Suggestions by Others<\/p>\n
1.\tTurnover limit of LLP may be increased and LLP may also be given an option to adopt presumptive taxation. <\/p>\n
2.\tTransfer pricing provision may not be made applicable to non – residents and clarification may be issued for use of IPR which are registered in both the countries.<\/p>\n
3.\tMAT provision may not be made applicable to Sick companies.<\/p>\n
4.\tDividend distribution tax may be removed or alternatively may be reduced.<\/p>\n