Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961 headed by Justice R.V. Easwar, (Retd.), former Judge.
The First Batch containing as many recommendations as possible shall be submitted by 31st January, 2016.
Members of the Committee :
V.K. Bhasin, Vinod Jain, Shri Rajiv Memani, Ravi Gupta, Mukesh Patel, Ajay Bahl,Pradip P. Shah, Arvind Modi and Dr. Vinay Kumar Singh.
Terms of Reference (ToR) of the Committee
- To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations.
- To study and identify the provisions which are impacting the ease of doing business.
- To study and identify the areas and provisions of the Act for simplification in the light of the existing jurisprudence.
- To suggest alternatives and modifications to the existing provisions and areas so identified to bring about predictability and certainty in tax laws without substantial impact on the tax base and revenue collection.
Income Tax Act, 1961 :
- IT Act, 1961 is the charging Statute ofIncome Tax in India. It provides for levy, administration, collection and recovery of Income Tax.
- Recently theGOI has brought out a draft statute called the “Direct Taxes Code” intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1956.