Govt forms Committee to simplify Income Tax Act
Government setting up of Committee with a view to simplify the provisions of the Income Tax Act, 1961
Central Board of Direct Taxes has announced setting up of Committed with a view to simplify the provisions of the Income Tax Act, 1961
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, 27th October, 2015
Subject: SETTING UP OF COMMITTEE WITH A VIEW TO SIMPLIFY THE PROVISIONS OF THE INCOME TAX ACT, 1961
With a view to simplify the provisions of the Income Tax Act, 1961, a Committee has been constituted with the following composition:
| (i)
|
Justice R.V. Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT | Chairman |
| (ii) | Shri V.K. Bhasin, former Law Secretary | Member |
| (iii) | Shri Vinod Jain, Chartered Accountant | Member |
| (iv) | Shri Rajiv Memani, Consultant | Member |
| (v) | Shri Ravi Gupta, Sr. Advocate | Member |
| (vi) | Shri Mukesh Patel, Chartered Accountant | Member |
| (vii) | Shri Ajay Bahl, Consultant | Member |
| (viii) | Shri Pradip P. Shah, Investment Adviser | Member |
| (ix) | Shri Arvind Modi, IRS (IT:81009) | Member |
| (x) | Dr. Vinay Kumar Singh, IRS (IT:95006) | Member |
2. The Terms of Reference (ToR) of the Committee shall be as follows:
i) To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations;
ii) To study and identify the provisions which are impacting the ease of doing business;
iii) To study and identify the areas and provisions of the Act for simplification in the light of the existing jurisprudence;
iv) 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; and
3. The Committee shall set its own procedures for regulating its work. The Committee can also work in Sub-Groups and the draft prepared by the Sub-Groups can then be approved by the whole Committee. The Committee will put its draft recommendations in the public domain. After stakeholder consultations, the Committee will formalise its recommendations. The Committee can give its recommendations in batches. The first batch containing as many recommendations as possible shall be submitted by 31st January, 2016.
4. The Term of the Committee shall be for a period of one year from the date of its constitution.
(Shefali Shah)
Pr. Commissioner of Income Tax (OSD)
Official Spokesperson, CBDT