The culture of constituting
short-term committees for changing the income tax law of the country seems to
have become a past time with finance ministers. In the past few years, there
have been umpteen decisions to appoint committees/tax panels to amend the
income tax law. The most recent has been the announcement by Finance Minister
Arun Jaitley, on October 27, 2015, of setting up a panel, headed by a retired
judge of the High Court and nine members, for reviewing the Income Tax Act,
1961. Its duration is one year and it has to submit its first interim report by
January 31, 2016, so that the acceptable suggestions can be included in the
Finance Act.
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