CBDT Commits to Six-Month Review of Income Tax Act
CBDT Chairman Ravi Agrawal confirmed that the comprehensive review of the Income Tax Act of 1961 will be completed within six months. The revision aims to simplify the tax law and provide certainty to taxpayers. The initiative was announced by Finance Minister Nirmala Sitharaman in her recent Budget speech.
- Country:
- India
CBDT Chairman Ravi Agrawal announced that the review of the Income Tax Act of 1961 will be completed in six months, aiming to simplify tax regulations and reduce litigation.
Finance Minister Nirmala Sitharaman, in her recent Budget speech, emphasized the necessity of updating the direct tax law for simplification.
The board, operating in mission mode, plans to meet the challenging but transformative goal within the given timeframe, with Agrawal highlighting strong taxpayer adoption of the new ITR regime.
Sitharaman officiated as the chief guest during the 165th Year of Income Tax in India event, where Agrawal revealed that the new faceless regime had completed 6.76 lakh assessments and finalized 2.83 lakh appeals by July.
(With inputs from agencies.)
ALSO READ
Nirmala Sitharaman Emphasizes Unity in GST Reforms Amid Denial of Friction Claims
GST Council meeting to be held in November to take a call on reduction in rate on health insurance: Finance Minister Nirmala Sitharaman.
GoM on rate rationalisation submits its status report: Finance Minister Nirmala Sitharaman on outcome of 54th GST Council meeting.
GST Council reduces rate on cancer drugs to 5 pc from 12 pc; on namkeen to 12 pc from 18 pc: Finance Minister Nirmala Sitharaman.
New GoM on GST rate reduction on medical health insurance set up; to submit its report by October-end, says FM Nirmala Sitharaman.
Google News