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Wednesday, December 25, 2024 | 07:22 AM ISTEN Hindi

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Centre moots ruling authority to fix direct tax liability, settle disputes

Revenue dept to take up measures to boost tax-to-GDP ratio to 15-20%

direct tax
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The department also highlighted the immediate challenge with regard to new reassessment regime -148A, says that it requires uniformity and clarity in timelines and limitations, and should be reflecting on the I-T systems

Shrimi Choudhary New Delhi
The revenue department is considering the setting up of a ruling authority like the Advance Pricing Agreement (APA) or Dispute Resolution Panel (DRP) to ascertain tax liabilities and settle tax disputes. This will allow the Income-Tax Department and taxpayers to sit together and resolve disputes, and agree on the tax to be paid.

The direct tax claims locked in litigation are about Rs 5 trillion. The concept is part of the minutes of the meeting circulated internally last month, when the revenue department discussed measures and the road map in line with its vision 2047.

Business Standard has reviewed the minutes, which

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