The CII today said that the Government needs to be complimented for the endeavour to simplify the law relating to levy of tax on Income and Wealth.
The Direct tax Code Bill and the Discussion paper released today is well within the deadline promised by the Finance Minister in his Budget speech on July 6, it said.
The CII statement said that a glance across the Bill clearly indicates that an attempt has been made to make tax law simpler, stable, robust and also streamline the various provisions in such a manner that there is less scope for litigation and easy compliance.
The CII statement said that on the whole the language seems to be quite simple and there are not many provisos or explanations that would normally complicate the understanding of the law. Taxpayers can certainly find more reasons than one to welcome this Bill.