No retrospective change in I-T Bill, only simplification: Baijayant Panda

The old law had become so complicated that even experts couldn't give the clear answer, says Panda

The new Income-Tax Bill does not override the intent of the Income Tax Act, 1961, but simplifies its language and structure, says Lok Sabha Member Baijayant Panda, who chaired the 31-member select committee to review its draft. In an interview with Monika Yadav, Panda says with the rising number of filings, resources need to be scaled up. Edited excerpts:

 

Do you believe the Bill has been simplified enough to significantly reduce tax disputes and litigation?

 

This is the first step towards simplification. The law has become complicated. It is 64 years old and has undergone more than 4,000 amendments, resulting