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Management consultancy firm Deloitte has asked for substantial changes in legislation and enforcement of transfer pricing rules. In a statement to the Government at the Centre, SP Singh, Senior Director, Deloitte Haskins & Sells, called for a systematic reform for taxation.
“The time has come to make substantial changes in legislation and enforcement of transfer pricing rules, as minor changes will not provide sufficient respite.
“A systematic reform is needed. The process of selecting cases for scrutiny must be made risk-based, clear guidance needs to be provided to both taxpayers and officers on complex matters, and work-load among officers should be rationalised,” Singh said.
He also said it was necessary to make officers accountable for the additions made by them.
“In other words, if an officer repeatedly makes additions that are not upheld in tribunal, or it is found that the officer makes addition for the sake of making an addition, then that officer should be penalised,” he added.
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