03 July, New Delhi
Finance Minister Arun Jaitley has said the government’s intention is to keep taxation rate “moderate” and emphasised that tax department needs to start trusting the assessees. He also said that all grey areas are being made clearer when it comes to taxation and the tax department.
Participating at a programme jointly organised by the Institute of Chartered Accountants of India (ICAI) and the Finance and Commerce and Industry Ministries, Jaitley said, in the last few months, procedures have been simplified and the assessees have never seen such an easy and friendly approach of the taxation department.
Listing out various measures aimed at simplifying the procedures, Jaitley said dispute resolution mechanism has been put in place at the appeals stage with respect to tax matters. In a strong message to those evading tax, Jaitley said such people would face serious action and that the government is plugging the escape routes.
According to him, Cyprus treaty has also been revisited and is likely to be approved by the Cabinet over the next few days. The government is also in discussions with Singapore for revising the bilateral taxation treaty.