Quick Summary
In a significant step towards the modernization of India's direct tax laws, the Central Board of Direct Taxes (CBDT) has instructed 28 officers involved in the comprehensive review of the six-decade-old Income-tax Act to work from Delhi between December 2 and December 27. The move aims to ensure the timely completion of the review, slated for submission by December-end, as per the six-month deadline set by the government. The apex body emphasized a "focused approach" in its recent communication
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FAQ :
Officers are in Delhi to ensure the timely completion of the comprehensive review of the Income-tax Act, with a focused approach to meet the December-end submission deadline.
The primary objective is to simplify the Act, eliminate obsolete provisions, improve clarity for taxpayers, and create a more concise and clear tax framework.
The review is slated for submission by the end of December, adhering to the government's six-month deadline.
The committee has received over 6,500 suggestions from stakeholders regarding simplification and the identification of obsolete sections.
Provisions applicable before the assessment year 2012-13 may be deemed redundant, with exceptions for past investments, ongoing litigation, and pending assessments.
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