In its preliminary discussions, the panel focused on rationalising exemptions, raising the computation methods to global standards, and making the appeals system less cumbersome.
During discussions over the past few days and supervised by Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal, it emerged that more than 90 Sections of the 1961 law have lost their relevance, officials privy to the deliberations told Business Standard.
"This (redundant Sections) is especially in the areas of exemptions and deductions, including special economic zones, telecommunications, capital gains, and so on," said one of the officials.
This will also help transition the tax system further towards an exemption-free regime.
Esta historia es de la edición August 31, 2024 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición August 31, 2024 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar

Sitharaman tables Manipur Budget with total expenditure of ₹35K cr
Finance Minister Nirmala Sitharaman on Monday tabled the Budget for financial year 2025-26 (FY26) for the strife-ridden state of Manipur with a total expenditure of ₹35,104 crore, up 7.5 per cent from the revised estimates of FY25.

India Needs to Innovate & Reduce Debt to Become Developed by 2047
India's gross domestic product (GDP) growth accelerated to 6.2 percent in the third quarter of FY25, up from 5.6 percent in the previous quarter.

Rupee Sees Worst Fall in 2 Weeks, Closing at 87.34 Against the Dollar
The rupee fell the most in two weeks, weakening by 0.52 percent against the dollar on Monday due to strong demand for dollars in the non-deliverable forward (NDF) market.
EU Investors Eye Fresh Investments in Indian Equities: Macquarie
Investors from the European Union (EU) nations are looking to make fresh investments in domestic equities by cutting their underweight position, according to financial giant Macquarie.

Simplilearn Plans to Relaunch Fresher Upskilling Vertical
Edtech Firm to Restart Study Abroad Programme as Well

Experts brainstorm on new possibilities in India's power sector by 2047 and Global Trends in Energy Transition @GRIDCON 2025
The theme of POWERGRID led GRIDCON 2025, a premier global event in the power transmission industry Innovations in Grid Resilience: Strategies for enhancing reliability Sustainability and Adaptability of Power Transmission System

Ukraine overtakes India as top arms importer: Sipri
India was world's biggest importer of arms in 2019-23
IndusInd Bank CEO search looms as shares drop 3.86%
Following the Reserve Bank of India's (RBI's) approval for only a one-year extension to IndusInd Bank's Managing Director (MD) and Chief Executive Officer (CEO) Sumant Kathpalia, instead of the three-year tenor requested by the bank's board, brokerages expect the bank to initiate the process of selecting a new CEO.
India's obesity crisis
Reorienting food policies can address the problem
Sun Pharma to expand oncology portfolio with Checkpoint buy
\"This acquisition further bolsters our innovative portfolio in onco-dermatology,\" Sun Pharma's Chairman and MD Dilip Shanghvi said.