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Retro tax: CBDT to notify new panel this week

The Central Board of Direct Taxes (CBDT) is expected to notify later this week the constitution and terms of reference of a high- level committee which will scrutinise all income tax cases emerging out of the retrospective amendment of the Act. Finance Minister Jaitley had announced the new mechanism in his Budget speech on 10 July.

‘The committee which will have an oversight of all retrospective amendment cases will be notified by this week,’ a senior Finance Ministry official said. The committee, the official said, would be headed by the CBDT Chairperson and would comprise a member of the board, a Joint Secretary rank officer of the Finance Ministry, the Director General of I-T (International Taxation) and few others.
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