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Tax dept invites public inputs for I-T Act review to simplify provisions
Source: Business Standard
Suggestions should specify the relevant provision of the Income-tax Act, 1961 or Income-tax Rules, 1962. | Representative Picture
The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions.
Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
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“The committee invites public inputs and suggestions in four categories: simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions,” the CBDT said.
A webpage on the e-filing portal — https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review — has been launched and the public can access the page by entering their mobile number and validating it via OTP.
Suggestions 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 aforementioned four categories.
The Finance Minister in the 2024-25 Budget presented in July had proposed that the I-T law review will be completed in six months.
Considering that the six-month timeline ends in January 2025, it is widely expected that the amended I-T Act could be brought in the Budget session of Parliament.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 07 2024 | 5:40 PM IST
