Quick Summary
The Finance Ministry is accelerating efforts to review and simplify the Income Tax Act, 1961, with a target completion date of January 2025, ahead of the Union Budget in February, sources familiar with the matter revealed. The committee, led by Chief Commissioner VK Gupta, is expected to propose removing redundant clauses, with up to 120 sections, sub-sections, and clauses likely to be scrapped. The focus of the review is on sections related to exemptions and deductions, particularly in sectors
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FAQ :
The main goal is to review and simplify the Income Tax Act, 1961, making it more concise, accessible, and reducing tax disputes and litigation.
The review is targeted for completion by January 2025.
Up to 120 sections, sub-sections, and clauses are likely to be scrapped during the review.
The review is focusing on sections related to exemptions and deductions, particularly in sectors like telecom, special economic zones (SEZs), and capital gains.
A complete overhaul through a Direct Tax Code is not anticipated; the focus is on simplifying the existing law.
The revamped Act is expected to be written in simpler language to improve taxpayer services, provide tax certainty, and reduce litigation.
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