CBDT Invites Public Input for a Comprehensive Review of the Income Tax Act
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- Last Updated on 9 October, 2024
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Press Release, dated 07-10-2024
In order to make the Income Tax Act concise, clear, and easy to understand, the Finance Minister, in her Budget 2024-25 Speech, announced a comprehensive review of the IT Act. The review will result in reduced disputes and litigation and provide greater tax certainty to taxpayers. It will also bring down the demand embroiled in litigation.
The Central Board of Direct Taxes (CBDT), vide Press Release dated 01-10-2024, stated that an internal committee of the Income Tax Department has been formed to oversee this review. A web page has been launched to invite public input and suggestions on the following:
- Simplifying the language
- Reducing litigation
- Reducing compliance burden
- Removing redundant and obsolete provisions.
The web page is live and accessible to the public on the e-filing portal, where users can enter their mobile number and validate it via OTP.
Suggestions should specify the relevant provision of the Income-tax Act, 1961 or Income-tax Rules, 1962 (mentioning the specific section, sub-section, clause, rule, sub-rule, or form number), as the case may be, to which the suggestion relates under the four categories mentioned above.
Click Here To Read The Full Press Release
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