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The government's comprehensive review of Indias decades-old Income Tax Act is making significant progress, with the review committee expected to submit its report by October, according to two government officials. The review, led by Chief Commissioner of Income Tax VK Gupta, was initiated by Finance Minister Nirmala Sitharaman during the Union Budget, aiming to simplify and rationalise the 1962 law. Officials have stated that approximately 30% of the Act's volume is expected to be omitted to im
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FAQ :
The review committee is expected to submit its report by October.
The main aim is to simplify and rationalise the decades-old Income Tax Act, making it more concise and accessible.
No, the committee's focus is on modifying the existing provisions, removing redundancies, and simplifying language, rather than replacing the Act entirely.
Approximately 30% of the Act's volume is expected to be omitted, primarily by removing redundancies and outdated clauses.
The Central Board of Direct Taxes (CBDT) plans to launch an online portal to seek public comments and suggestions regarding the proposed changes.
The review is led by Chief Commissioner of Income Tax VK Gupta.
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