CBDT Launches Review of Income Tax Act: Call for Public Input
CBDT Launches Review of Income Tax Act: Call for Public Input
On October 7, 2024, the Central Board of Direct Taxes (CBDT) announced the formation of an internal committee to review the Income-tax Act of 1961. This initiative, following the Union Budget announcement by Finance Minister Smt. Nirmala Sitharaman, aims to simplify the Act, reduce disputes, and enhance tax certainty.
Key Objectives:
- Simplification of Language: Make legal terms more accessible to taxpayers.
- Litigation Reduction: Minimize legal disputes through clearer provisions.
- Compliance Reduction: Streamline regulatory requirements for easier adherence.
- Redundant Provisions: Identify and remove outdated sections of the Act.
How to Submit Your Suggestions:
- Visit the Portal: Go to Income Tax Comprehensive Review and enter your mobile number and name.
- OTP Verification: You will receive an OTP on your registered number. Enter the OTP and click on “Validate.”
- Submit Your Suggestion: Write your suggestion along with the relevant section number and then click on “Submit.”
- Confirmation: Once submitted, you will see a message indicating that your response has been submitted successfully.
Conclusion:
This initiative offers a vital opportunity for stakeholders to influence tax reform in India, aiming for a more user-friendly and efficient taxation system. Your feedback can help shape a clearer and more effective Income Tax Act.
