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The Income Tax Department has received a significant response from stakeholders, amassing 6,500 suggestions over the past month for the comprehensive review of the Income Tax Act, 1961. On Monday, Finance Minister Nirmala Sitharaman led a key meeting to discuss the progress of this pivotal Budget in
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FAQ :
The Income Tax Department has received 6,500 suggestions from stakeholders.
Finance Minister Nirmala Sitharaman is leading the review, with Revenue Secretary Sanjay Malhotra and CBDT Chairman Ravi Agarwal also involved.
Twenty-two specialised sub-committees have been formed to review different aspects of the Income Tax Act.
The main goals are to make the Act more concise, user-friendly, and comprehensible, while also reducing disputes, lowering litigation, and providing clearer tax certainty.
Public feedback was solicited under four main categories: simplification of language, litigation reduction, compliance reduction, and elimination of outdated provisions.
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