Nirmala Sitharaman reviews Income Tax Act 1961
- 22 specialised sub-committees were formed to review the various aspects of the Income Tax Act
Union Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the comprehensive review of the Income Tax Act 1961.
The meeting was also attended by Revenue Secretary Sanjay Malhotra, CBDT Chairman Ravi Agarwal, and other senior CBDT officials.
Sitharaman had announced a comprehensive review of the Income Tax Act 1961 in the Union Budget 2024-25 on July 23.
In a post on social media platform X, the finance ministry said that a total of 22 specialised sub-committees have been formed to review the various aspects of the Income Tax Act.
Malhotra informed Sitharaman that these committees have actively engaged in numerous meetings -- both in person and via virtual conference -- with domain experts to collaboratively explore and recommend improvements to the Act, said the post.
He also told the finance minister that 6,500 valuable suggestions have been received through the portal since it was opened on October 6, reflecting active public participation towards further simplification of the Income Tax Act.
Last month, the CBDT's internal committee invited public inputs for review of the six-decade-old Income Tax Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions.
Public inputs and suggestions were invited in four categories – simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions.
Pursuant to the Budget announcement by Sitharaman for a comprehensive review of the Income-tax Act, 1961, the CBDT had set up an internal committee to oversee the review and make the Income Tax Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
Finance Minister Nirmala Sitharaman in her Budget speech had asserted that the comprehensive review of the Act will also bring down the demand embroiled in litigation. She had proposed that the review would be completed in six months.
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Business NewsEconomyNirmala Sitharaman reviews Income Tax Act 1961
First Published:4 Nov 2024, 11:24 PM IST
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