Quick Summary
Expectations are rising that the long-awaited simplification of India's Income Tax Act, 1961, could soon become a reality. The Modi government is set to initiate a feedback process starting in October, seeking input from private sector stakeholders and tax experts to streamline the nation's direct tax laws. At a recent meeting with industry chambers, the government revealed plans for a new feature on the Income Tax portal. This feature will allow businesses, professionals, and other stakeholder
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FAQ :
The feedback process is set to roll out starting in October.
Input will be sought from private sector stakeholders, tax experts, businesses, and professionals.
The primary goals are to reduce the complexity of legal language and minimise litigation.
An internal committee established by the CBDT is reviewing the six-decade-old tax law to modernise it by removing outdated provisions and simplifying language.
The Finance Minister has set a six-month deadline for the review, with the potential for the revised law to be included in the 2025 Finance Bill.
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