Dhanush's Maari gets 'U' certificate
The government on Monday set up a high-level panel under chairmanship of Parthasarathi Shome, advisor to finance minister, to review tax laws and suggest ways for a stable and non-adversarial tax administration.
The seven-member Tax Administration Reform Commission (TARC) will have 18 months tenure to suggest various measures including appropriate organisational structure for tax governance, an official statement said.
The terms of reference of the Commission include a review of the existing mechanism of dispute resolution and methods to widen tax base. Further the TARC would recommend measures to strengthen inter-agency information sharing between CBDT, CBEC, FIU, Enforcement Directorate, and also with the banking and financial sector.