IT dept has a New Year Resolution, 2015 offenders beware!

After a heavy year with foreign investors and domestic taxpayers, the IT department has set a target for 2016. It aims to simplify Income Tax laws and follow a non-adversarial but effective mechanism to collect tax.

While the government wants to maximize its tax revenues with simpler laws, it doesn’t want to ask big companies for extra advance tax or stopping refunds to meet the revenue targets.

While the IT department is working to reduce litigations, most of the tax issues foreign investors face were already resolved in 2015. The year also saw the Goods and Services Tax (GST) bill remaining in political limbo.

While the BJP's tried hard to crack down on black money, the initial response was sluggish at best when compared to the big numbers thrown around during election season.

As the chaos and confusion continues, big foreign companies like Vodafone and Cairn Energy continue to try and resolve long-pending tax disputes.

Image credit: Indiatimes