The selection Committee was established to explore the bill.
The first draft law, which was submitted in the house at the budget meeting this year, tried to reduce the volume of words by almost half, while the selection commission wanted to ensure that simplifying exercises did not lead to formulations open to various interpretations, Panda said.
The number of words was reduced from more than 500,000 to about 260,000.
Rewrite the received access code design
The President stated that the Committee adopted the petition in the draft law on the authority of tax officials to rewrite the access code on computers if they do not satisfy the evaluation under certain circumstances because this did not mean any change in the law, including today’s, including court statements and internal circles.
Provisions allowing tax officials access to computers and digital systems, even suppressing their access code, when the application for information is not observed, in some cases of unpublished income or foreign assets caused concerns.
“The new India deserves a simple, easy -to -comprehensive and easy -to -compile income tax law, and this is the first big step of simplifying the law. It describes, and it is a certain and aspect than it is for them, and it describes, and it is a certain and aspect before describing them before it is thoughtful and aspect, and they describe it, and reduce it before it is intended and reduces it before it said.
Panda explained that the bill was not intended to make substantial changes in the law and the mandate of the committee was to check for simplification.
“Our mandate was to make an act as it exists, clear, simple and easily followed,” he said, adding that the committee received many proposals that were beyond his mandate and were looking for changes in policy. These could be adopted every year in various forums, such as the annual financial law. “But what we have achieved is within our mandate.”
Panda explained that the government has sometimes introduced many liberal and pro-Taxpayer changes in policy, but many such measures have come into complications of the Tax Act.
“Now that this law becomes a law and replaces an old act, it will reduce ambiguity and dramatically reduce litigation because the complexity is extremely reduced.”
“The current act has become so complicated that sometimes very higher experts with decades of experience could not give you a clear answer to the taxability of some items. In the new law it is much easier to understand what is taxable, what is not taxable and what is taxable, what pace,” Panda said.
“Our mandate was to ensure that the simplification of the law is internally consistent to avoid unintentional errors that can sneak while the tongue changes.”
Expired
He explained that confusion about the search and seizures of tax officials, as stipulated in the bill, was due to “misinformation”. The committee explored it extensively, he said.
“Let me explain it, there is no change in the law,” Panda said, adding that some people compared the formulations of the current law and the wording in the bill and thought there was a difference.
“The Invent Tax Act Dates Back to 1961. On the Issue of the Privacy and On the IsSue of Search and Seizure, There Have Been North Judgments of High Courts and the Supreme Court Cannot Be Whimsical.
The law was written when there were no computers, and when they came, the bills became electronic documents, explained Panda and added that the same principle of searching and searches was extended and the courts decided and the ministry issued internal circulars.
The powers of tax officials to access documents on non -cooperating evaluation under certain circumstances are the same, whether digital or otherwise. “To sum up, the wording in the new bill faithfully reproduces the act because it has been regulated by court judgments and internal circuits. One thing is very clear, there is no change in policy,” Panda said.
The Committee organized an interaction with a wide range of parties involved, including large and small and medium -sized enterprises, industrial associations – not only those but even regional – pursuers and authorized accountants representing large and small companies and individual experts, as well as a association of taxpayers and non -profit organizations.
“I emphasize this point that this is a huge step for simplification, clarity, ease of compliance, reduced litigation, and in the coming years it will allow much more ongoing reforms,” Panda said.
(Tagstotranslate) Income Tax Act
