Ahead of the Union Budget 2016, a committee asked to make recommendations on simplifying the current income tax (I-T) law has recommended a higher threshold for deduction of tax at source and cuts in rates, plus measures to reduce litigation.
The Union Budget 2016-17 is to be tabled on February 29.
The Union Budget 2016-17 is to be tabled on February 29.
The 10-member panel is chaired by R V Easwar, a former high court judge. Appointed in late October 2015, its first report, 78 pages, was given on Monday. This is a draft report, issued to elicit feedback before finalisation. It focuses on simpler issues that it feels need immediate attention. Comments have been invited till the coming Saturday, after which the committee will finalise the first part of the report by January 31.
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