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CBDT Chairman, Ravi Agrawal, has confirmed that the ongoing review of the Income Tax Act of 1961 will be completed within the six-month timeframe announced by Union Finance Minister Nirmala Sitharaman. The review, which aims to simplify the countrys direct tax laws, was highlighted in the Finance Minister's Budget speech last month. Speaking at an event celebrating the 165th anniversary of Income Tax in India, Agrawal emphasized the importance of this comprehensive review. He noted that the pri
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FAQ :
The main goals of the review are to simplify the country's direct tax laws, reduce litigation, and provide greater tax certainty for taxpayers.
CBDT Chairman Ravi Agrawal confirmed that the review is on schedule.
The review is expected to be completed within a six-month timeframe.
The article also highlighted the increasing adoption of the new Income Tax Return (ITR) filing regime and significant progress in the faceless assessment initiative.
72% of taxpayers are opting for the new Income Tax Return (ITR) filing regime.
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