- Recommendations of the Tax Administration Reform Commission, headed by Parthasarathi Shome to the Finance Minister:
- Abolish the posts of the Revenue Secretary.
- Merge Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC).
- Introduce separate budget allocation to ensure time bound tax refund.
- Introduce a passbook scheme for TDS (tax deduction at source).
- Avoid retrospective amendments of tax laws as a principle.
- Include wealth tax details in the income tax returns.
- Increase the functions, independence and financial autonomy of the tax department.
- Unified management structure with a common board for direct and indirect taxes, called the Central Board of Direct and Indirect Taxes.
- Read at: http://www.thehindu.com/todays-paper/tp-business/avoid-retrospective-amendments-shome/article6121365.ece
Exams Perspective:
- Tax Administration Reform Commission
- Central Board of Direct Taxes (CBDT)
- Central Board of Excise and Customs (CBEC)
- Retrospective Taxation
- Indirect Tax