Task Force Recommendations for Income tax Act, Budget 2020

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  • < 1 minute
  • By Taxmann
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  • Last Updated on 28 October, 2020

Rahul Singh, Assistant Manager Taxmann.com

In order to curb litigations, one of the suggestions of the task force was to introduce the concept of mediation under the Income Tax Act. This is a new and unique concept which, if introduced, will help in solving the undue income tax litigations. Through mediation, a taxpayer will be able to opt for negotiated settlement before the income tax officers after receiving the draft assessment order. This negotiation will be assisted by mediators. Recommended changes by Task Force Team on Income Tax Act are some of the mention recommendations are: 1. No More Divided distributed Tax2. Tax Immunity Scheme3. Reduced Tax Rates for All Tax Payers4. Reduced Tax Rates for taxpayers Read Complete Story on : Expect Alignment Of Income Tax Act With Task Force Recommendations 

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