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Govt has formed panel for simplifying Income Tax Act

The government has formed a panel of 10 members headed by the former Delhi High Court Judge R V Easwar recommending measures to make India more business friendly through turning the interpretation of the law more certain and predictable.

The committee will be studying and identifying the provisions/phrases in the Income Tax Act 1961 which are leading to litigation due to different interpretations. It will also identify the provisions which are impacting the ease of doing business and the areas and provisions of the Act for simplification in the light of the existing jurisprudence.

The committee is expected to suggest alternatives and modifications to the existing provisions to bring about predictability and certainty in tax laws without substantial impact on the tax base and revenue collection.

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