Quick Summary
The Income-Tax Review Committee, tasked with overhauling Indias Income Tax Act of 1961, is focusing solely on simplifying the law to make it more concise and user-friendly. A senior government official confirmed that the committee will not propose any changes to tax rates. Streamlining the Income Tax Act The review committee plans to submit all 23 reports, each addressing a chapter of the Income Tax Act, by mid-December 2024. According to the official, the objective is to simplify convoluted p
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FAQ :
The main goal is to simplify the Income Tax Act of 1961, making it more concise and user-friendly without altering tax rates.
No, a senior government official has confirmed that the committee will not propose any changes to tax rates.
The committee plans to submit all 23 reports by mid-December 2024.
The review aims to address outdated deductions, rephrase complex sections into simpler language, and remove redundant clauses.
The simplified Income Tax Act is expected to be featured in the Union Budget 2025.
An online portal has been launched to gather suggestions from the public and stakeholders.
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