Revamping the Income Tax Act: Public Inputs Welcome!
The Income Tax department seeks public input for revising the decades-old I-T Act for simplification, litigation reduction, compliance reduction, and removing obsolete provisions. A committee oversees revisions following a Budget proposal by Finance Minister Nirmala Sitharaman, with an expected completion by January 2025.
- Country:
- India
The Income Tax department has announced an opportunity for public engagement in the review process of the 60-year-old Income-tax Act. Aimed at simplifying the language, reducing litigation, cutting down compliance, and addressing outdated provisions, the initiative follows the Budget proposal by Finance Minister Nirmala Sitharaman.
The Central Board of Direct Taxes (CBDT) has launched a dedicated webpage on the e-filing portal to gather suggestions. The webpage requires users to submit their mobile number for OTP-based access to contribute their inputs.
The revision aims for completion within a six-month timeline set by the Finance Minister, aligning with expectations for an updated Act by the January 2025 Parliamentary Budget session.
(With inputs from agencies.)
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