PM for simpler rules to raise direct tax share

The income tax laws are irrelevant in today's time as they date back to 1961 when India was a closed economy.

The Government of India is working on to overhaul its half-century-old direct tax laws. 
 
The bill seeks to increase the share of direct tax collections from the lowest in a decade.
 
It will also ensure that the taxpayers do not file multiple returns and the grievances of the customers are addressed quickly, people familiar with the matter told ET.
 
As per them, a bill will probably be ready by early 2018 for stakeholder comments.
 
The income tax laws are irrelevant in today's time as they date back to 1961 when India was a closed economy.
 
About 63 per cent of India’s annual budgeted revenue worth Rs 10 trillion are locked in litigation due to complicated rules and varying interpretations.
 
Source: ET

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