Login
Dear Sir/ Madam,
We thank the Hon’ble Select Committee on Income Tax Bill 2025 for granting us a hearing during their study visit to Mumbai on 16th May 2025.
We had furnished two slide decks prior to the hearing viz. Background Note and Short presentation for discussion during the hearing.
We are pleased to further submit herewith our written responses to questions posed to the Bombay Chamber’s representatives by the Hon’ble Members of the Select Committee during the hearing. The documents attached in this regard are as follows :-
Bombay Chamber’s written response to questions posed by Hon’ble Members of Select Committee
Annexure 1 – A detailed deck on Bombay Chamber’s suggestions on introducing mediation to resolve direct tax disputes
Annexure 2 – Taxpayer Charter’s Compliance delivery report of April 2025
Annexure 3 – Copy of Bombay High Court ruling in the case of Nirmalkumar Mulchand Puruswani highlighting accountability on part of Departmental officials
Annexures 4 to 7 being as follows :-
Annexure 4 – Bombay Chamber’s detailed suggestions on improving interface with Central Processing Centre
Annexure 5 – Bombay Chamber’s detailed representations on issuing Notifications for activating MFN clause in different treaties pursuant to SC ruling in Nestle’s case
Annexure 6 – Bombay Chamber’s recommendations on making Safe Harbours attractive (particularly for GCC activities)
Annexure 7 – Bombay Chamber’s recommendations on expanding transition of business loss and unabsorbed depreciation in amalgamation to services, retail and other sectors
We hope the Hon’ble Select Committee finds the above useful for providing its suggestions on the Income tax Bill 2025. We may reiterate that the Bill provides once in a lifetime opportunity to bring forth a new income tax law which serves the ambition of the nation to become the third largest economy and Viksit Bharat by 2047. In this light, we believe our suggestions will foster innovation and investment, reduce litigation & compliance burden and increase the trust factor between the taxpayers and Tax authorities to meet the aspirations of the country.
We shall be pleased to provide any further clarifications or details as may be required by the Hon’ble Members of the Select Committee
Thanking you,
Yours sincerely,
Sandeep Khosla
Director General
