Possible shocks and pleasant surprises from new direct taxes law panel

The committee, headed by Arbind Modi, a member of CBDT and the author of the earlier direct taxes code, is likely to soon submit its report to Finance Minister Arun Jaitley

Taxpayers are awaiting the recommendations of the committee on direct taxes law with anxiety and expectations. The committee, headed by Arbind Modi, a member of the Central Board of Direct Taxes (CBDT) and the author of the earlier direct taxes code (DTC), is likely to soon submit its report to Finance Minister Arun Jaitley.

Whenever has the issue of DTC come up in the past, it has left behind unpleasant memories, such as the proposals to tax long-term savings at the time of withdrawal and the general anti-avoidance rule (GAAR), among others. However, it has also started a debate over a