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For a comprehensive review of the Income-tax Act, 1961, as proposed by the Hon'ble Finance Minister Smt. Nirmala Sitharaman in her Budget speech 2024-25 to simplify the language of the Act and reduce disputes and litigation, a CBDT-level committee was formed. A stakeholder consultation, chaired by the Revenue Secretary, Ministry of Finance, was held on 18th September 2024, wherein ICAI presented its Preliminary inputs on the Comprehensive Review of the Income-tax Act, 1961. On this occasion, CA
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FAQ :
The main goal is to simplify the language of the Act, reduce disputes and litigation, and make the income-tax law simple, fair, and equitable.
ICAI suggests introducing special tax regimes for firms/LLPs, simplifying the taxation of charitable trusts, clarifying residential status rules for individuals, and removing the need for separate forms to opt for special tax regimes.
ICAI suggests aligning TDS/TCS rates with audit trail objectives, limiting adjustments under section 143(1)(a) to arithmetical errors, mandating time limits for appeal disposal, and establishing effective grievance redressal mechanisms.
The memorandum suggests tax benefits for climate change mitigation, removal of restrictive deemed ownership provisions, and inserting a new head of income for shares and securities.
ICAI proposes introducing a year-wise E-Ledger system for tax payments, extending the deadline for filing belated returns to 31st March of the assessment year, and simplifying income-tax return forms.
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