Wednesday, October 28, 2015

SETTING UP OF COMMITTEE WITH A VIEW TO SIMPLIFY THE PROVISIONS OF THE INCOME TAX ACT, 1961

Central Board of Direct Taxes
PRESS RELEASE
New Delhi, 27th October, 2015

With a view to simplify the provisions of the Income Tax Act, 1961, a Committee has been constituted with the following composition:

Chairman
(i)Justice R.V. Easwar, (Retd.), former Judge,
Delhi High Court and former President, ITAT

Members
Shri V.K. Bhasin, former Law Secretary
Shri Vinod Jain, Chartered Accountant
Shri Rajiv Memani, Consultant
Shri Ravi Gupta, Sr. Advocate
Shri Mukesh Patel, Chartered Accountant
Shri Ajay Bahl, Consultant
Shri Pradip P. Shah, Investment Adviser
Shri Arvind Modi, IRS (IT:81009)
Dr. Vinay Kumar Singh, IRS (IT:95006)

The Terms of Reference (ToR) of the Committee shall be as follows:

  1. To study and identify the provisions/phrases in the Act which are leading to litigation due to different interpretations;
  2. To study and identify the provisions which are impacting the ease of doing business;
  3. To study and identify the areas and provisions of the Act for simplification in the light of the existing jurisprudence;
  4. 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

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.

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

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