New Delhi: A taskforce constituted to draft the new direct tax law has sought stakeholder feedback on various issues including ease of filing tax returns, tax deducted at source (TDS), processing and scrutiny of returns, litigation and disputes and penalty and prosecution under the Income Tax Act.
The last date for the suggestions for the new legislation is 2 April, the tax department said in a statement providing a fixed format for the suggestions.
The government last year formed a committee under Arbind Modi, member, Central Board of Direct Taxes to overhaul the Income Tax Act of 1961 to make it more simple.
The feedback form seeks to ascertain if tax payers are facing problems in filing tax returns, getting refunds and the speed of scrutiny. Further, it seeks views of the taxpayer on the dispute resolution mechanism including the authority of advance ruling, mutual agreement procedure and settlement commission. It also asks for feedback on the levy of penalties under various sections of the Income Tax Act.
The committee, set up in November, was given six months to submit its report.