Draft report of R V Easwar Committee to simplify Income-tax Act, 1961 released:
Draft report of R V Easwar Committee to simplify Income-tax Act, 1961 released: The Union Ministry of Finance, on 18 January 2016, released the draft report of Justice R V Easwar (Retd) Committee to simplify the provisions of Income-tax Act, 1961. The RV Easwar Committee was constituted on 27 October 2015 to study and identify the provisions/phrases in the Income-tax Act, 196.
Recommendations of the Easwar Committee
· Amendment to Section 225(3) to enhance the monetary limit for Single Member Bench (SMC) cases before the Tribunal to rupees one crore from the present rupees 15 lakhs
· Amendment to Section 254(2) to reduce the time-limit for rectification of orders of the Tribunal from the present four years to 120 days
· Tax deduction at source (TDS) rates for individuals and Hindu undivided families (HUFs) to be reduced to 5 percent as against the present 10 percent
· Proposal for certain amendments in rule 30 and 31 in relation to time and mode of payment of TDS and filing of statement of TDS under the provisions of section 200A presumptive income scheme for professionals should be launched. The presumptive tax is levied on an estimated income
Draft report of R V Easwar Committee to simplify Income-tax Act, 1961 released: Reviewed by sambasivan srinivasan on 6:05:00 PM Rating: