The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961. The committee will be headed by  Justice R.V. Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT.

Terms of Reference (ToR) of the Committee

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.

Points To Note

• 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 31^st January, 2016.

Try This…

The Committee associated with the conversion of Urban Cooperative Banks (UCBs) with business size of 20,000 crore rupees or more into regular banks is _______.