New Delhi : In a bid to keep nation’s tax laws in conformity with changing times, the Income Tax Department has created a permanent mechanism for seeking inputs from its officers for changes required in the direct tax regulations.
To begin with, the I-T Department has asked officials to provide suggestions for legislative changes in the direct tax laws. For receiving suggestions, it has created an exclusive email ID and instructed officials of the department to provide inputs through the year without waiting for beginning of the annual budget exercise. Traditionally, changes in the laws pertaining to direct tax, which covers income tax for individuals and corporates, are done in the Union Budget presented by the finance minister in end February every year. Now to keep pace with the changing economic scenario that has brought to fore a host of complex tax issues like transfer pricing cases, the Income Tax Department wants to keep the law updated, reports PTI.
And so it has asked its officers to bring to the notice of the department the changes needed in the legislation to address particular issues. The officers have to give justification for their suggestions for legislative changes in direct tax laws along with the details of relevant judicial rulings.
