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News INCOME TAX

  • Sep 30, 2024
  • I-T Act review: Govt to invite suggestions from industry next month

    The government has proposed to invite suggestions on Income Tax Act, 1961, from the private sector and tax experts beginning October, as part of an exercise to simplify the direct tax law, sources said.

    In a meeting with industry chambers earlier this month, the government said that a functionality will be created in the Income Tax portal wherein suggestions could be made on different sections of the I-T Act with a view to simplifying the language and reducing litigation.

    Following the Budget announcement, the Central Board of Direct Taxes (CBDT) had set up an internal committee for a comprehensive review of the six- decade old direct tax law and make it concise, lucid, easy to read and understand.

    "In the meeting with industry associations, the revenue department suggested that the functionality be developed by the first week of October to give suggestions for reworking the income tax law," a source said.

    Another source said that the exercise is not to write a new tax law or a tax code.

    "Just by removing the outdated clauses, the number of pages could be brought down by about 100. The aim of the I-T law review is simplification of language and mitigation of litigation," the source added.