IN an era of voluntary compliance
under the Income Tax Act, 1961, where nearly 99 per cent of income-tax returns
are being accepted without any scrutiny, the tax law has to be simple, easily
understandable and concise for compliance regarding disclosure of incomes and
payment of tax. For this, the tax law, rules and returns, to be filed, need to
have the above stated attributes. But, successive governments, including the
present one, do not seem to believe in this thinking. Each year’s Finance Act
add, modify and replace the sections of the IT Act in a big way as could be
seen from the following numbers of clauses in the Finance Bills for the last
four years.
http://www.gfilesindia.com/reforming-income-tax-act/
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