Taxpayers disclose foreign assets worth Rs 29,000cr, foreign income of Rs 1,089cr
The Central Board of Direct Taxes (CBDT) launched a compliance-cum-awareness campaign, aimed at encouraging voluntary disclosures of offshore wealth and income.
After the introduction of the Income Tax Bill 2025, the Central Board of Direct Taxes (CBDT) on Tuesday solicited suggestions from stakeholders on the provisions.
After obtaining the suggestions, the Bill will be sent, compiled, and forwarded to the Select Committee for its review.
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A utility has been launched on the e-filing portal (https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review) and accessible to all stakeholders from 08.03.2025 on the e-filing portal.
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Stakeholders can submit their inputs by entering their name and mobile number, followed by an OTP-based validation process.
As part of a wider consultative process, the committee formed to review the Rules and Forms invites inputs and suggestions from stakeholders in the following four categories. These are: Simplification of Language; Reduction of Litigation; Reduction of Compliance Burden; and Identification of Redundant/Obsolete Rules and Forms.
All suggestions should clearly specify the relevant provision of the Income-tax Rules, 1962, including the specific section, sub-section, clause, rule, sub-rule, or form number, to which the recommendation pertains under these four categories, Ministry of Finance said.
In alignment with the comprehensive review of the Income-tax Act, 1961, an effort is underway to collect inputs and work on simplification of the associated Income Tax Rules and Forms. The objective of this initiative is to enhance clarity, reduce the compliance burden, and eliminate obsolete rules, making tax processes more accessible for taxpayers and other stakeholders, the ministry said in a statement.
Additionally, streamlining the Rules and Forms aims to simplify tax compliance, improve taxpayer comprehension and ease of filing, lower administrative burdens and errors, and enhance transparency and efficiency.
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