CBDT Launches Initiative for Review of the Income-tax Act, 1961: Public Invited to Submit Suggestions
The CBDT has opened the floor for public input, allowing stakeholders, experts, and the general public to contribute to this process.
- Country:
- India
In line with the announcement made by Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, during the Union Budget 2024-25, the Central Board of Direct Taxes (CBDT) has formed an internal committee to conduct a comprehensive review of the Income-tax Act, 1961.
The objective of this review is to streamline the Act by making it more concise, clear, and easy to understand. This initiative aims to reduce disputes and litigation while providing greater tax certainty for taxpayers.
Public Participation and Categories for Suggestions
The CBDT has opened the floor for public input, allowing stakeholders, experts, and the general public to contribute to this process. Suggestions are invited in the following four key categories:
Simplification of Language
Litigation Reduction
Compliance Reduction
Elimination of Redundant/Obsolete Provisions
Accessing the Review Portal
To facilitate the submission of suggestions, a dedicated webpage has been launched on the e-filing portal. The link can be accessed here: Income-tax Act Comprehensive Review Webpage.
The portal has been live since October 6, 2024, and public submissions can be made by entering a name and mobile number, followed by OTP-based validation.
Submission GuidelinesParticipants are required to mention the specific section, sub-section, clause, rule, sub-rule, or form number of the Income-tax Act, 1961 or Income-tax Rules, 1962 relevant to their suggestions. By encouraging inputs from diverse stakeholders, the CBDT hopes to modernize and improve the Act for all parties involved.
This initiative reflects the government's ongoing commitment to creating a more efficient and user-friendly tax system that benefits both taxpayers and administrators.
- READ MORE ON:
- CBDT
- Income-tax Act
- Nirmala Sitharaman
- Central Board of Direct Taxes