This is in pursuance of the announcement in the Union Budget 2024-25 by Union Finance Minister Nirmala Sitharaman.
Central Board of Direct Taxes (CBDT)
The Central Board of Direct Taxes (CBDT) has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act).
This is in pursuance of the announcement in the Union Budget 2024-25 by Union Finance Minister Nirmala Sitharaman.
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, Ministry of Finance said while making the announcement.
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The committee invites public inputs and suggestions in four categories: Simplification of Language; Litigation Reduction; Compliance Reduction; and Redundant/Obsolete Provisions.
To facilitate this, a webpage has been launched on the e-filing portal. The portal is accessible to the stakeholders, experts, public in the E-filing portal from October 6.
The stakeholders, experts, public can access the page by entering their name and mobile number, followed up by a validation via OTP.
Suggestions by them 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 aforementioned four categories.
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