Exemption limits, masala bonds on tax panel's radar

The tax simplification committee, chaired by Justice R V Easwar, is likely to touch upon restoration of standard deduction, reviewing of exemption limits and medical reimbursements for personal income tax in their report.

The 10-member panel is likely to submit its report to the finance minister this week or early next week. The report might also have suggestions on the incorporation of masala bonds in the Income Tax Act, to bring clarity on the capital gains tax on them. 

The recommendations are likely to be incorporated in the Union Budget, which Finance Minister Arun Jaitley is likely to present on