New direct tax law: Focus should be on facilitating taxpayer services

Experts say non-availability of tax credits is a sore point for many corporate taxpayers

The Economic Survey 2017-18 has a telling piece of data for the officials at the Central Board of Direct Taxes (CBDT) out to draft a new direct tax law. The tax department accounts for 80 per cent of appeals filed before the Income Tax Appellate Tribunal and higher appellate forum. However, less than 30 per cent of these appeals are successful. A Task Force constituted to review the Income Tax Act, 1961, and draft a new direct tax law has its work cut out. Tax experts and businesses say the focus of the statute should be on facilitating taxpayer services