The spectre of “tax terrorism” is haunting India Inc, again. The proposed changes in the procedural rules involving search and seizure operations by income tax (I-T) authorities has had the effect of setting a cat among pigeons, making India Inc jittery. According to the Finance Bill 2017, the government proposes to amend the I-T Act to give more powers to the assessing officer in cases of search and seizures. The tax officer is not required to give any reason to the taxpayer or the appellate authorities for which the search was undertaken.
- Rakesh Nangia, Managing Partner shares his views on Budget 2017: India Inc jittery as tax officials get more power for Business Standard.