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The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into –
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- codification of tax laws
- the entire structure of tax laws including the question of imposition of bank tax
- the concerns of the foreign investors in India with regard to taxation matters
- aspects of generation of black money, its transfer abroad and bringing back such money into India’s legitimate financial system
- codification of tax laws
Correct Option: D
The Central Board of Direct Taxes (CBDT) panel on black money recently suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace. In its 66-page report on measures to tackle black money in India and abroad, the CBDT committee also recommended steps to prevent generation of illicit funds through transactions in property, bullion and equity market. Besides, the panel, headed by former CBDT Chairman Laxman Das, made a case for strengthening laws relating to investments by FIIs, Participatory Notes (PNs) and routing of funds from Mauritius.
