Public inputs sought for Income Tax Act review

These ideas may be taken up by an internal committee of the Income Tax Department that has been formed to oversee the review of the 1961 law.

As part of the comprehensive review of the Income Tax Act announced by Finance Minister Nirmala Sitharaman in the Budget, the Central Board of Direct Taxes (CBDT) on Monday (October 7,2024) invited inputs and suggestions from taxpayers and the public at large.

These ideas may be taken up by an internal committee of the Income Tax Department that has been formed to oversee the review of the 1961 law. “The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers,” the CBDT said about the remit of the review that is to be completed in six months as per the time line set in the July 23 Budget speech.

Public inputs, that can be submitted through the e-filing portal for taxpayers, have been sought under four categories – language simplification, litigation reduction, compliance reduction, and redundant or obsolete provisions.

Published - October 07, 2024 05:27 pm IST