Eminent economist Parthasarathi Shome will be the new advisor to Finance Minister P Chidambaram. He succeeds Vijay Kelkar, whose term ended on August 31.
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
The appointment comes at a time when the ministry is struggling to rein in the fiscal deficit at the targeted level of 5.3 per cent of gross domestic product for the current financial year.
Accountability must be linked to minimising infructuous demands and tracking recovery
The idea is to introduce in the next Budget a number of safeguards for preventing disputes with taxpayers.
A look at a few important questions on GAAR and their answers.
To aid global rebalancing, China needs to re-orient domestic policy to social spending.
The government on Friday said it is examining recommendations of the Parthasarathi Shome panel on controversial retrospective tax laws introduced in the last Budget.
Move could be a major relief to Vodafone.
After taking charge, P Chidambaram promised fine-tuning of policies and place a stable tax regime.
The West Bengal chief minister's dream of transforming her state's capital might prove difficult.
The government is trying to send a signal it wants to stimulate the economy and the stock market.
Stimulus was given in phases after Chidambaram had left the finance ministry to head the home ministry in December 2008.
Says Finance Ministry is working on tax structures as suggested by the Parliamentary committee
Panel has suggested that GAAR provisions should not be invoked to examine the genuineness of the residency of entities in Mauritius.
The recommendations by Shome are significant as they have been made at a time when two major tax reforms, the Goods and Services Tax and the Direct Taxes Code, have made no headway.
Introduction of GAAR, which was proposed by then Finance Minister Pranab Mukherjee in the Budget 2012-13 to check tax evasion, had triggered strong opposition by foreign investors following which its implementation was postponed till April next year.
FII investments made after Aug 2010 to come under GAAR even if these have been routed through DTAA.
The government may take a hit of about Rs 40,000 crore if it accepts the recommendations of the Parthasarathi Shome panel to tax indirect transfer of Indian assets prospectively, as against the provisions of the Finance Act, 2012, to tax all such deals retrospectively.
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The ministry has been receiving representations from chambers of commerce and industry associations on tax-related issues and disputes that affect the industry as a whole or impact a large sections of the industry.
The former advisor to P Chidambaram explains why he is substituting the urban delights of London for the maddening drawbacks of Delhi.
It's a season of change at economic think tanks.
The appointment, expected shortly, will come in the backdrop of tax expert Parthasarathy Shome recently resigning from the post of adviser to Finance Minister P Chidambaram.
Now for the first time, the top team in North Block has the predominance of IAS officers.
Shome joined on October 1, 2004, for three years and his tenure had recently been extended till October 2009. However, he has decided to move on, sources in the finance ministry said he had not decided which of the options open before him will be exercised.
The government is likely to increase the number of transactions that require reporting from seven to tighten scrutiny and check evasion.
SEZs will help alleviate the infrastructure deficit in the country.
SEZs will help alleviate the infrastructure deficit in the country.
The dreaded fringe benefit tax is unlikely to be withdrawn in the next year's Budget despite mounting pressure from the apex industry chambers.
The government on Monday said the tax revenue of VAT implementing states has shown an increase of 27.1 per cent during the first quarter of this fiscal year-on-year.
The centre on Tuesday sought to allay fears that VAT will be inflationary and expressed confidence that the new tax system will be introduced by all the states from April 1.
The value-added tax system proposed to be introduced from April 1, 2005 replacing the sales tax system, would be fine-tuned over time to free it from distortions, advisor to the finance ministry Parthasarathi Shome said on Monday.
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