January 2016, Economy
The government is considering the recommendations of the Parthasarathi Shome committee aimed at simplifying tax administration, Finance Minister Arun Jaitley said. Among the key proposals of the Tax Administration Reform Commission (TARC), headed by Dr. Shome, was a suggestion that Income Tax Return forms should also include wealth tax details.
The panel had mooted that retrospective amendments to tax laws should be avoided as a principle and that the post of Revenue Secretary be abolished. Other recommendations were for the CBDT and the CBEC to be merged and for the use of Permanent Account Number (PAN) to be widened.