CBDT advancing to finalize draft forthcoming Budget for public consultations

Initial draft of forthcoming budget is being finalized by Central Board of Direct Taxes following which it would be placed for public and industries consultations for their reactions to make it more comprehensive and inclusive, according to Chairman, CBDT, Mr. Sushil Chandra.

Inaugurating an International Tax Conference : Global Tax Issues & Recent Developments under aegis of PHD PHD Chamber of Commerce and Industry here today, Mr. Chandra emphasized that the board is committed to bring in complete transparency in India’s tax administration as well as its tax policies that would be entirely friendly, leading to facilitation of businesses.

The Chairman, CBDT, however, appealed to the industry and business community not to use international tax treaties for tax avoidance, rather make use of them for facilitation of businesses in all segments of economic engagements.

Elaborating on forthcoming budget making exercise, Mr. Chandra pointed out that it has been almost finalized with few additions here and there, following which it would be taken for larger industry and public consultations so that their suggestions and recommendations relating to taxation and other such issues are absorbed in the document for optimum satisfaction of both government and industry including public.

Speaking on the occasion, Principal CCIT (International Tax & Transfer Pricing), Mr. Akhilesh Ranjan reiterated the government’s resolve for bringing in absolute transparency in its tax administration and tax dispensation so that businesses flourish without obstruction to government revenues.

He emphasized that on the issue of transfer pricing, the government has been moving on the right direction, removing complexities in it and added that there is a consensus on host of such issues in G-20 group of nations in which India has begun to play a dominant role.

In his welcome remarks, Sr. Vice President, PHD Chamber, Mr. Gopal S Jiwarajka and the Chamber’s Direct Taxes Committee Chairman, Mr. Anil K Chopra sought fair play for all that have become participants in India’s global engagements including its growth engine.  They appreciated various positive measures by the tax department  that are helping India to become a preferred destination.

Co-Chairman, Direct Taxes Committee, PHD Chamber, Mr. Mukul Bagla and its Secretary General, Mr. Saurabh Sanyal also expressed their views on direct taxation during the conference.