New Income Tax bill gives no new search powers, eases compliance: Baijayant Panda
Baijayant Panda, chairperson of the parliamentary select committee, stated that the new income-tax bill simplifies the tax code and reduces ambiguities for taxpayers. The committee suggested around 285 changes, including reinstating a provision on inter-corporate dividends.
The new income-tax bill does not grant any new powers to authorities on search and seizure, and significantly reduces ambiguities to make the common taxpayer's life easier, said Baijayant Panda, chairperson of the parliamentary select committee that revised the draft legislation.
"We had very extensive interactions with the ministry.... I must say I found them open minded. A vast majority of the suggestions that the committee endorsed, they also agreed with," Panda told ET in an interview.
