The new black money law is creating panic and confusion among taxpayers, industry body Assocham said on Tuesday, while asking the Government to hold wider consultations and bring necessary changes to this legislation. “Based on a wide range of consultations with a cross section of the taxpayers, we found that there is so much of confusion and in some cases, even panic, for being on the wrong side of this law by non-compliance which may result from inadvertent steps,’ it added. It said while the Finance Ministry has launched an exercise of educating on the law through interactive sessions, it has not been able to create the kind of comfort level.
“There is a feeling that immediately after the compliance window comes to an end after September, the tax personnel could be on the prowl. This is certainly not giving stress free business environment,” the chamber stated.