New Delhi, Jan. 6 -- The Union budget for FY23 is likely to announce steps to reduce tax litigation, boost compliance by greater oversight of transactions, and work towards the goal of bringing more firms into the fold of the formal sector.
Among the steps under consideration are amendments to a dispute resolution scheme announced last year, clarificatory amendments to both Income Tax Act and indirect tax laws to make doing business easier, and increasing reporting requirements under various provisions to further aid non- intrusive tax administration, as reported by mint.
The broad idea is to make tax administration simpler and get the departments more access to information related to transactions while facilitating voluntary compliance...