New Income Tax: This is how you can contribute to the revamp of tax law. A step-by-step guide | Mint
Source: Live Mint
As you must be aware that Income Tax (I-T) law is currently being reviewed. During the Budget speech last year, Finance Minister Nirmala Sitharaman said that the tax law is being reexamined. The goal, she emphasised, is to make the legislation easy to read and understand.
“The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation. It is proposed to be completed in six months,” she said during the speech on July 23, 2024.
As a follow up, the income tax department has been inviting suggestions from citizens with regards to the above-mentioned review.
If you also want to give your suggestions, you can take the following steps:
Give your suggestions: A step-by-step guide
Step I. Go to Income Tax e-portal. On the left-hand side, you can click the comprehensive review, and a new window opens.
Step II. Now you need to enter your name and mobile number on which you will receive an OTP.
Step III. As you enter the OTP, a new window will open where you can enter your suggestions. You can do this by entering a section wise response.
This can be done along four different criteria:
1. Simplification of language: This relates to making the language of tax provision simpler. When the text of a particular provision is quite complex, you can give your suggestion to make it simpler.
2. Litigation reduction: This relates to the provisions which lead to frequent court cases between taxpayers and the tax department.
3. Redundant/ obsolete provision: This suggestion relates to the provisions which are not relevant anymore because of change in technology, newer provisions replacing the older provisions, and so on.
4. Compliance reduction: This relates to some procedural functions that are there but not too significant anymore.
If you are unsure about which section your suggestion falls under, you can click a link given there that takes you to the entire list of sections. It is here you can check the section number and return to the previous page.
