gfiles magazine

January 11, 2016

Futile efforts

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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