Govt Policy

PM sets up panel to review taxation of development centres, IT sector

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In yet another move to provide clarity on taxation issues, Prime Minister Manmohan Singh set up a committee to look into such matters pertaining to IT sector and research and development related activities.

The panel, headed by former Central Board of Direct Taxes (CBDT) chairman N Rangachary, will be in addition to the one set up to review the General Anti-Avoidance Rules (GAAR) provisions to address the concerns of foreign investors.

The new four-member committee will hold consultations with stakeholders and related government departments to finalise the approach to taxation of Development Centres and suggest appropriate measures.

Earlier this month, the Prime Minister had set-up a panel headed by ICRIER chief and taxation expert Parthasarathi Shome to bring greater clarity and prepare a roadmap for GAAR by September 30 for its implementation.

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