Header Ads

Chairman, CBEC holds a Meeting to strengthen the Institution of Indirect Tax Ombudsmen (ITOM)



Chairman, CBEC holds a Meeting to strengthen the Institution of Indirect Tax Ombudsmen (ITOM); ITOM, in turn, to hold Meetings with the Trade and Industry Associations in their Jurisdiction and Encourage the Taxpayers to bring forth their Problems/ Issues. 

The Indirect Tax Ombudsmen (ITOM) will be holding meetings with the trade and industry associations in their jurisdiction and encourage the taxpayers to bring forth their problems/ issues. This was decided in the Meeting held by the Chairman, Central Board of Excise and Customs (CBEC) with the Indirect Tax Ombudsmen (ITOM) from Lucknow, Mumbai, Delhi, Ahmedabad, Chennai and Bangalore here today in order to invite their suggestions for strengthening and improving the functioning of the institution of ITOM. The CBEC has taken several initiatives to improve and facilitate trade and business in the ‘year of tax payers’ services. Strengthening the institution of Ombudsman is also step in this direction.

The taxpayers can approach the Indirect Tax Ombudsmen (ITOM) if they have complaints of deficiency in the working of Customs, Central Excise and Service Tax Departments on account of non-adherence to the prescribed working hours and procedural delays in refunds, rebate, drawback and other such matters. The Ombudsmen are created for protecting the rights of the taxpayers and also to suggest remedial action for redress of their grievances.

These Indirect Tax Ombudsmen (ITOM) have been set-up under the ITOM Guidelines 2011. The name, address and contact details of the Ombudsmen are available on CBEC website www.cbec.gov.in under the link ‘taxpayer assistance’. 

********
Government Calls for Comments on Proposed Plan of Phasing-Out Exemptions and Deductions under the Income-Tax Act in Order to Bring Down Rate of Corporate Tax from 30% to 25% 



The Union Finance Minister Shri Arun Jaitley in his Budget Speech 2015 had indicated that the rate of Corporate Tax will be reduced from 30% to 25% over the next four years along with corresponding phasing-out of exemptions and deductions. This is a step towards simplification of tax laws, which is expected to bring about transparency and clarity.

 The Government proposes to implement this decision in the following manner:

·        Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate tax payers.
·        The provisions having a sunset date will not be modified to advance the sunset date. Similarly the sunset dates provided in the Act will not be extended.
·        In case of tax incentives with no terminal date, a sunset date of 31.3.2017 will be provided either for commencement of the activity or for claim of benefit depending upon the structure of the relevant provisions of the Act.
·        There will be no weighted deduction with effect from 01. 04.2017.

The details of proposed phasing-out of deductions are available on the website of the Income Tax Department atwww.incometaxindia.gov.in.

Comments on this proposal may be sent within 15 days to Director (TPL-III) on mail at dirtpl3@nic.in or by post at Director (TPL III), Central Board of Direct Taxes, Room No. 147G, North Block, New Delhi- 110001.


No comments

Powered by Blogger.