The much-awaited direct taxes code (DTC) has finally been shelved with the government instead planning to fine-tune the existing tax law to remove the pain points and ambiguities.
Finance minister Arun Jaitley had made an announcement to drop the DTC in the Union budget 2015-16. On Tuesday, the FM said a 10-member panel has been constituted to identify the provisions of the I-T Act that are leading to litigation and impacting business environment and suggest suitable changes in them.
While the DTC was intended to overhaul income-tax laws, the review panel will be looking at a few irritants and pain points to address them.
The newly appointed panel will be headed by former Delhi High Court judge RV Easwar and will have chartered accountants, lawyers and consultants as members.