Taxation experts complained that many measures which were outlined in the Finance Minister’s speech having a possible impact on tax provisions have not been reflected in the finance bill that accompanies the union budget statement.
These matters include the scope of settlement commission, Authority for Advance Rulings ( AAR) to deal with residents, changes in transfer pricing, benefits pertaining to the revival of Special economic zones (SEZ), committee to go into retrospective amendments involving indirect transfers, etc .
It is understood that the Revenue Secretary has said that a notification will shortly be issued appointing the high power committee which will go into cases involving retrospective amendments relating to indirect transfer of assets in India.