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Arjuna: Krishna, there's news that the Income Tax Act of 1961 might soon be replaced. What's this all about? Krishna: Arjuna, after over six decades of serving as the foundation of India's tax laws, the Income Tax Act has grown complicated due to numerous amendments. The new direct tax laws is desi
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The Income Tax Act 1961 is being changed because it has become overly complicated due to numerous amendments over six decades, leading to a lack of clarity, increased litigation, and difficulties in compliance. The revamp aims for simplicity, reduced disputes, global alignment, and easier compliance.
The new Direct Tax law is likely to be introduced in the 2025 Budget, following reviews with key stakeholders and public consultation.
You can submit suggestions by visiting the website https://www.incometax.gov.in. Look for the 'Suggestion for Revamp of the IT Act' tab, fill in your details, and provide feedback on areas like language simplification, litigation reduction, or compliance ease.
The main goal is to create a simpler, clearer tax system that is easier for all taxpayers to understand and comply with, fostering honesty and active participation in tax handling.
The government has received over 6,500 valuable suggestions through the portal since it was opened on October 6.
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