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The Institute of Chartered Accountants of India (ICAI) on Thursday submitted a raft of suggestions to the Lok Sabha Select Committee that is scrutinising the new Income-tax Bill, its president, Charanjot Singh Nanda, said. These include pruning the number of sections in the bill, simplifying the language and reducing the scope for litigations.
Read more at: The Economic Times
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The central government may decriminalise minor income tax offences and replace prosecution with penalties as part of its agenda for the first 100-days. The news was broken by MoneyControl, which cited a senior government official, stating that the move was aimed at enhancing the ease of doing business.
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