
New panel to draft new Income Tax Act with deadline extended to 28.02.2019
It refers to CBDT member Akhilesh Ranjan being appointed as new convenor of the panel formed for drafting new Income Tax Act to replace more than half-century old Income Tax Act 1961. The panel should draft new Act in a manner to minimise exemptions. There are many exemptions like on charity and contributions made to and received by political parties. These are grossly misused and should be abolished.
There should be a consolidated head for personal exemptions clubbing all heads like for medical-insurance, investments in government-schemes etc with consolidated limit being fixed at say rupees two lakhs. For senior citizens, such a limit can be some higher. There should be one single investment-plan for senior citizens attracting higher interest-rate of eight percent with clubb...