In a significant development, the provisions of Income Tax Act, 1961 will be simplified to ease of doing business. In this regard, a committee has been set up by the Income Tax Department on Tuesday. The committee will be headed by Justice R.V. Easwar, a former Judge of Delhi High Court and former President of, Income Tax Appellate Tribunal.
As per the orders of the department, the committee will find the provisions or phrases in the act with a motto to simplify those further, which would be a great step in making its more business friendly.
Experts do believe that the simplification of certain phases – those are leading to litigation due to different interpretations, would certainly help easing of doing business in India. In fact, it’s good news for the income tax payers and businessmen in the country, those have been waiting for such change.