Several individuals and firms have filed petitions in various courts challenging the tax notices issued during the April-June period. The law was amended earlier in the year, and allowed tax assessments to be ordinarily reopened only to three years.
However, the income-tax department extended the validity of the old law till June 30, which allowed reopening of assessments up to six years and issuance of tax notices to a large number of assessees. The government is also reportedly exploring the option of bringing in an Ordinance if courts rule against the validity of notices issued by the income-tax department. The government will be well advised to avoid any such step as it would go against the basic spirit of amending the law and reforming the tax administration, argues our
Bharat Ratna for Dr Kurien business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Finance Minister Nirmala Sitharaman on Monday announced another set of measures to provide relief and enable various sectors to deal with the disruption caused by the pandemic. Although the announcements are well-intentioned, they are unlikely to change much on the ground. It is clear that, like last year, the government’s focus is on providing relief and not necessarily boosting demand through direct government spending, which is also the right thing to do at this stage because the pandemic is not over, and there will be recurring calls on the treasury at a time when the revenue mobilisation is expected to remain muted, argues our
Ambani, Adani and China business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Read more about Best of BS Opinion: Storm over social media, Covid-19 vaccination & more on Business Standard. Here are the best of Business Standard s opinion pieces for Thursday