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- The committee was set up by the govt to change direct tax laws.
- It has suggested several taxpayer-friendly measures to improve the ease of doing business, reduce litigation and accelerate the tax dispute resolution.
- Nearly 65% of personal I-T collection in India was through tax deducted at source (TDS) and thus there is need of simplification, enhancement and rationalisation of threshold limits.
- It proposed deferring the contentious Income Computation and Disclosure Standards (ICDS) provisions and making the process of refunds faster.
- Some of these recommendations are likely to be a part of the Union budget, while others may come through executive action.