Industry & Economy
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Income Tax
Withdraw Sec. 277A in IT Act: Chamber
Our Bureau
New Delhi
,
Nov. 4
THE PHD Chamber of Commerce and Industry (PHDCCI) has sought the withdrawal of the new Section 277A in the Income Tax Act that provides powers to the tax authorities to fine any person aiding in tax evasion.
In a representation to the Finance Ministry, the chamber said that at a time when the tax authorities were being urged to encourage an assessee-friendly environment, a provision that gives sweeping power to the income tax official would be a `retrograde step'.
This would amount to bringing any tax practitioner into the net of income tax official merely on suspicion, the chamber said in a statement. The proposed section provides that it would be sufficient for the tax authorities to allege a general intent to enable the other person to evade any tax, penalty or interest without specifying any particular instance where such tax penalty or interest has been or would have been evaded.
The chamber has suggested that the law should be amended to provide that action would be initiated for falsification only if evidence was substantiated in the Return of Income or any of its annexure and that the person concerned had aided tax evasion.
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