From taxpayers' point of view, this scheme provides a good window of opportunity to reduce litigation and it must be evaluated positively.
It is standard practice in all countries and its origins lie in the creation of the US Fed in 1915
Disputes relating to wealth, securities transactions, commodities transaction tax, and the equalisation levy are not covered under the scheme.
The recognition of this problem is a welcome development. Regulatory overreach and higher risk perceptions are a major concern, constraining business growth that need to be addressed.
As per the Budget document, an individual taxpayer opting for the new tax regime will not be entitled for deduction under 80C of the Income Tax.
Jayant Sinha said trust needs to be built between taxpayers and system because Indians are not dishonest to dodge taxes