A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the 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.
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Amendments to RBI Act likely soon
The Parthasarathy Shome committee gives its second reform report to finance ministry.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
Finance minister tries to put house in order before reforms are unveiled in February.
To begin, the Budget has no doubt attempted to address uncertainty.
A large number of rich farmers, who earn more than salaried employees in the cities, get away with paying no tax at all in view of the government's lack of will to consider an agricultural income tax
Chief Economic Advisor Arvind Subramanian's interview.
Indian economy about to take-off
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