Initial draft of forthcoming budget almost ready: CBDT

New Delhi, Nov 9 (IANS) The initial draft of the forthcoming budget is being given the final touches by the Central Board of Direct Taxes (CBDT) following which it would be placed for public and industry consultations, its chairman Sushil Chandra said here on Wednesday.

“The initial draft is almost finalised with a few things remaining here and there. It will be placed for public and industry reactions to make it more comprehensive and inclusive,” Chandra said while inaugurating an international tax conference organised by PHD Chamber of Commerce and Industry.

Their suggestions and recommendations relating to taxation and other such issues will be absorbed in the document, he added.

“The board is committed to bring in complete transparency in India’s tax administration as well as its tax policies that would be entirely friendly, leading to facilitation of businesses,” he said.

The Chairman asked the industry and business community not to use international tax treaties for tax avoidance, rather make use of them for facilitation of businesses in all segments of economic engagements.