Quick Summary
As part of the ongoing review of the Income Tax Act, 1961, tax experts are calling for significant reforms, including faster resolution of pending cases at the Commissioner of Income Tax (Appeals) level, reduction of compliance burdens on MSMEs, and greater flexibility for taxpayers to settle select
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FAQ :
There are over 580,000 pending cases with the Commissioner of Income Tax (Appeals), with some cases taking over six years to resolve due to delays in hearings and orders.
Experts suggest a phased plan to clear pending cases within 1-2 years and potentially increasing the number of adjudicating commissioners. They also propose time-bound disposal of appeals under the faceless regime.
The proposals aim to ease the compliance burden on MSMEs, particularly by clarifying the 45-day payment rule which impacts their working capital and the tax deductions for larger businesses.
Experts recommend amending Section 270AA to allow taxpayers more flexibility to settle specific disputed orders, rather than being compelled to contest or settle all of them.
Yes, experts suggest extending the carry-forward of tax losses to all sectors, not just industrial undertakings, to provide relief for businesses undergoing amalgamation, including the service sector.
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