Easwar panel on income tax to submit second report in Oct

Ahmedabad, Aug 31 (PTI) Justice (Retd) R V Easwar, whoheads a high-level committee on income tax laws, today saidthe panel is looking into aspects of accountability of taxofficers. The 10-member panel had in January this year submitted itsfirst report. Some of its members, including Easwar, were here to meetindustry representatives, before finalising the second reportdue in October. "The first report was submitted in January and it wasreceived well. The second report, which is due in October,is to deal with many other substantive provisions of theincome tax laws," Easwar told a gathering organised by theGujarat Chamber of Commerce and Industry. "As we move from place to place meeting people, I am ableto see the urgent need for accountability on the part of taxofficers. And this is something on which we are exercisingour mind. From now onwards, I think we should focus more onaccountability aspects, and hopefully after discussions anddeliberation, something will come out," he said. Dhinal Shah, who headed the panel of chamber members thatmade its submission, said while the Centre is moving in theright direction at the policy level, as far as simplificationof direct tax is concerned, it is yet to reflect at the groundlevel. The January report called for an across-the-board hike inthe threshold limits for TDS and halving of withholding tax inmost cases. It also suggested levying lower short-term capital gainstax on annual earning of less than Rs 5 lakh from trading ofshares and not treating it as business income, among otherrecommendations. PTI KA PD NRBABMSDM