Ajay Bhushan Pandey

NFRA chairperson Ajay Bhushan Pandey said that there is a need to enhance the trust in financial and non-financial reporting systems in India

To refer the matter to regulator if lapses found

If one reads the Companies Act, Code of Ethics, and Standards of Audit and Quality Control in a harmonious manner, then one would not have any confusion about definition of non-audit services, he said

Pandey superannuated in February this year

Inter-ministerial meeting with officials of key govt departments today to discuss India's strategy

Meet Team Sitharaman: Officials who are helping FM prepare Budget 2021

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AJAY BHUSHAN PANDEY says litigants in more than 96,000 appeals - involving disputed amounts of Rs 83,000 crore - have opted for the Vivad Se Vishwas scheme, which has been extended by a month

In the last 1.5 to 2 months over 180 people including managing directors of companies and chartered accountants have been arrested for tax evasion, said Union Finance Secretary Ajay Bhushan Pandey

The meeting discussed the need for coordinated action to check revenue leakage

Private sector companies offering the benefit of the new LTC cash voucher scheme to its employees will not have to undertake any additional compliance burden, Finance Secy Ajay Bhushan Pandey said

So far, 21 states and 3 Union Territories have opted for the borrowing plan proposed by the Centre

AJAY BHUSHAN PANDEY talks about the Budget, revenue collection, and the goods and services tax (GST) compensation mechanism

Pandey said the generation of e-way bills, needed for transportation of goods, is back to pre-Covid levels and online payments have risen exponentially

He said the quick refund payment system is fully automated and transparent and the revenue department is monitoring the refund system every week

The income tax department now has a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without manual intervention

But it is not clear whether the relief will be extended to private launch companies

The finance secretary said that the tax system was going to be entirely data-driven and seamless tax reforms would change the way taxes are paid in the country

Since August 13, all Income Tax returns picked up for scrutiny, except those relating to search and seizure and international tax, are being assessed under faceless assessment

Finance Secretary Ajay Bhushan Pandey said FAQs are issued where you have to explain to somebody who is not familiar with tax laws and there you try to explain in simple words.

While not affirming new timelines for the simplified returns forms, Pandey says invoice matching is already happening at the back-end and quarterly payments are allowed for small taxpayers.