By Anusmita Mazumder, Department of Law, University of Calcutta.
Just a few days ahead of the Union Budget 2016-17, a committee was asked to make necessary recommendations for simplifying the current Income Tax Laws, which accordingly has recommended a higher threshold for deduction of tax at source and cuts in rates, plus measures to reduce litigation. The 10-member panel is chaired by Mr R V Easwar, a former High Court Judge. Appointed in October, 2015, the panel gave its first 78 pages report on January 18, 2016. This report is a draft issued to elicit feedback before finalization. Comments and feedback had been invited to make alteration additions, if any, till January 23 after which the panel is to submit their final report on January 31, 2016. (more…)