 "direct tax rupees fund")
The revenue department in the finance ministry has formed a panel headed by V K Gupta, chief commissioner of income-tax (I-T), to simplify the decades-old I-T Act.
In its preliminary discussions, the panel focused on rationalising exemptions, raising the computation methods to global standards, and making the appeals system less cumbersome.
During discussions over the past few days and supervised by Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal, it emerged that more than 90 Sections of the 1961 law have lost their relevance, officials privy to the deliberations told Business Standard.
“This (redundant Sections) is especially in the
