Income Tax News: Much Needed? CBDT Seeks Public Input to Review and Simplify 60 Year Old IT Act

Income Tax News: CBDT Seeks Public Suggestions to Review and Simplify India's 60-Year-Old Income Tax Act

Income Tax News

Income Tax News: In a big step, the Central Board of Direct Taxes (CBDT) has asked the public to share their ideas to simplify the 60-year-old Income Tax Act. This follows a plan announced by Finance Minister Nirmala Sitharaman in the recent budget. The goal is to make the Act easier to understand. By collecting public suggestions, the CBDT can review them to reduce legal issues, make compliance simpler, and amend old rules. This is a great chance for people to help improve and reshape India’s tax system.

Income Tax Act Review: Why Public Suggestions Matter

The Income Tax Department has admitted that there is a need for simplification of the 1961-age tax laws. The complexity of the law has grown over time, increasing taxpayer misunderstanding and litigation. In light of this, the CBDT is now seeking recommendations from the public in four important areas:

  1. Simplification of language
  2. Litigation reduction
  3. Compliance reduction
  4. Removal of obsolete provisions

This review of the Income Tax Act is expected to make tax filing easier, reduce disputes, and provide more clarity on tax regulations.

How Can Public Submit Suggestions For Income Tax Simplification?

The Income Tax Department has established a dedicated webpage where the public can offer their recommendations. People must go to the official e-filing page in order to use this platform, and they must provide their mobile number for OTP verification. The site can be accessed via https://eportal.incometax.gov.in/.

Participants are required to specify the exact section, sub-section, or rule they are addressing, making it easier for the CBDT to categorize and consider each suggestion.

The Role of Finance Ministry in the IT Act Revamp

The Finance Ministry, headed by Nirmala Sitharaman, has designated a six-month period for this thorough examination. The review is expected to be finished by January 2025, as the Finance Minister stated in the budget for 2024–2025. According to this timeline, the revised Income Tax regulations may be presented in Parliament during the next budget session.

What This Means for Taxpayers

With public input playing a key role in shaping the Income Tax Department’s strategy, this is an opportunity for taxpayers to have their voices heard. Simplified tax laws could mean fewer disputes, lower compliance costs, and better clarity for individuals and businesses alike.

Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOKINSTAGRAM, and TWITTER.

Exit mobile version