Panel set up to simplify Income Tax Act
New Delhi: The government on Tuesday set up a 10-member committee to simplify provisions of the Income Tax Act for enabling ease of doing business.
“The committee will identify provisions in the IT Act which are impacting the ease of doing business and leading to litigation due to different interpretations,” an official statement said here.
Delhi High Court’s former judge Justice R.V. Easwar is chairman of the panel.
“The panel will also suggest alternatives and modifications to bring about predictability and certainty in tax laws without impacting the tax base and revenue collection,” the statement said.
The committee has been given one year to submit its report from the date of its constitution.
The other nine members are former law secretary V.K. Bhasin, chartered accountants Vinod Jain and Mukesh Patel, consultants Rajiv Memani and Ajay Bahl, senior advocate Ravi Gupta, investment adviser Pradip P. Shah and Indian Revenue Service officers Arvind Modi and Vinay Kumar Singh.
“The committee will put its draft recommendations in the public domain and formalize them after consultations with stakeholders. The first set of recommendations will be submitted by January 31, 2016.”