To abridge Income Tax laws, Govt sets up panel

Amid at suggesting the generality of Income Tax laws, the government recently drafted a high-level committee which would be working under an ex- Delhi High Court judge and the committee and would be drafting a report which might be formed from the tinkering with the contentious showing applicability of the current tax issues. With this the committee would be making sure that the current tax laws should be simplified.

The report further highlighted that the committee would be comparing of a 10-member panel, which would be headed by R V Easwar, the former Delhi High Court Justice who has been asked to put forward a beginning report which can be submitted by January 31.

While the given deadline for the report submission has been asked just in time when the government would be slotting in all the necessary suggestions which would be helping the legislative approval for the upcoming 2016-17 Budget.

With this the government has also asked the committee to thoroughly study and find all the necessary provisions/phrases which are included in the (Income Tax) Act because of the government are leading to proceedings just because of the various interpretations

Finance Minister Arun Jaitley said, “We have over the last few months been resolving a lot of past issues and now time has come to look at some provisions of the I-T Act to look at how their drafting quality can be improved in order to avoid ambiguity so that everybody is certain as to what the Act itself says.”