income tax
Income tax payers are going to get big relief in the coming days. The Income Tax Department on Monday invited suggestions from the people to review the six-decade-old Income Tax (IT) Act. Suggestions have been invited regarding simplifying the language of the Income Tax Act, legal disputes, lack of compliance and obsolete provisions. Finance Minister Nirmala Sitharaman had announced a comprehensive review of the Income Tax Act, 1961 in the budget. The Central Board of Direct Taxes (CBDT) had constituted an internal committee in this context to oversee the review and make the Act concise, clear and easy to understand. This will reduce the disputes and taxpayers will be able to rest assured about the tax.
Asked for suggestions in four categories
The committee has invited public comments and suggestions in four categories, CBDT said. These categories are, simplification of language, legal disputes and lack of compliance and unnecessary/obsolete provisions.” A webpage has been launched on the e-filing portal. People can access it by entering their mobile number and through OTP. In the budget for 2024-25 presented in July, the Finance Minister had proposed to complete the review of the IT law in six months. The six-month deadline expires in January, 2025. In such a situation, the amended Income Tax Act is expected to be brought in the budget session of Parliament.
It was announced in the budget
Union Finance Minister Nirmala Sitharaman had announced that the government will work towards simplifying taxes, improving taxpayer services, providing tax certainty and reducing litigation. He had said that the Income Tax Act, 1961 will be comprehensively reviewed in the next six months to make the Act concise, clear, easy to read and understand. This will reduce disputes and litigation thereby providing tax certainty to taxpayers.
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