Income tax law
The Central Board of Direct Taxes (CBDT) chief Ravi Aggarwal on Monday asked the industry to give his suggestions on the new Income Tax Bill. The bill will be introduced in Parliament this week. The new Income Tax Bill can replace the six -decade -old Income Tax Act, 1961. It has been prepared within six months. Efforts have been made to easily make the language easily for taxpayers and to make it easier to read and understand the language. Aggarwal said that the new bill has been prepared in such a way that it should conform to international standards. In addition, the new law has been made abbreviated because the old provisions have been removed, making it less cumbersome.
Suggestions will be considered
He told the industry that after introducing the new bill, he should give his suggestions and assured that suggestions would be considered. Regarding the updated Income Tax Return (ITR-U), Aggarwal said that about 90 lakh such returns have been filed in the last three years. This led to an additional revenue of about Rs 8,500 crore. Finance Minister Nirmala Sitharaman had said in her budget speech that the time limit for filing ITR for any assessment year will be extended from two years to four years. Aggarwal said that the Income Tax Department is now adopting the ‘participant’ approach not ‘adverse’.
Income tax department is changing rapidly
He said, the tax department’s attitude is changing. Aggarwal said that the tax department is adopting a ‘prudent’ (Prudent-PRDENT) approach, in which ‘P’ means active and professional, ‘R’ means rule-based, ‘U’ means ‘U’ means user friendly, meaning of ‘D’ Data-based, ‘E’ means competent environment, ‘N’ means non-intervention and ‘T’ means transparency.
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