Finance Minister Nirmala Sitharaman in her Budget speech on Monday kept income-tax rates untouched but announced a slew of measures to simplify tax administration, ease compliance, and reduce litigation to boost revenue.
These include a dispute resolution committee for small taxpayers, a faceless income tax appellate tribunal (ITAT), addressing double taxation concerns for non-resident Indians, exempting senior citizens from income tax return filing, and reducing the reassessment window to three years from six years in normal cases.
Besides, the Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling. It will be chaired by an officer not below the rank of chief commissioner. Advance rulings of such a board shall not be binding on the applicant or the department and could be appealed before the high court.
Source: Business Standard