The current Income Tax Act dates back to 1961, although it has had bits spliced on to it every now and then. For instance, almost everything proposed by a committee set up by the United Progressive Alliance 2 government to create a direct taxes code, has since been added on to the law. Indeed, for individuals, provisions under the current tax law, are far more liberal than the ones suggested by the code. Hindustan Times learns that the task force (and not a committee or a panel) has been mandated to go through the current law, section by section, and effectively write a new law. The new law should be simple, effective in terms of broadening the tax base, and have adequate safeguards to prevent the harassment of honest taxpayers.

Source: Hindustan Times November 23, 2017 12:33 UTC