Business News | CBDT Forms Committee to Comprehensively Review Income-tax Act
Get latest articles and stories on Business at LatestLY. The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.
New Delhi [India], October 7 (ANI): The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman. The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, and litigation, and provide greater tax certainty to taxpayers. The committee invites public inputs and suggestions in four categories -- simplification of language; litigation reduction; compliance reduction; and redundant/obsolete provisions.
To facilitate this, a webpage has been launched on the e-filing portal, which can be accessed here: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review
The stakeholders/experts/public can access the page by entering their name and mobile number, followed up by a validation via OTP.
Suggestions by stakeholders/experts/public should specify the relevant provision of the Income-tax Act, 1961 or Income-tax Rules, 1962 (mentioning the specific section, sub-section, clause, rule, sub-rule, or form number), as the case may be, to which the suggestion relates under the four categories.
Sitharaman had in her Budget speech asserted that the comprehensive review of the Act will also bring down the demand embroiled in litigation. She proposed that the review would be completed in six months. (ANI)
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