Finance Minister chairs meeting to review various aspects of Income Tax Act 1961
with an aim to review the various aspects of the Income Tax Act 1961, Finance Minister Nirmala Sitharaman has chaired a meeting with Revenue Secretary Sanjay Malhotra, Secretary, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal, and senior CBDT officials. The finance ministry said that Malhotra informed the Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act to review the various aspects of the Income Tax Act.
These committees have actively engaged in numerous meetings 'both in person and via VC' with domain experts to collaboratively explore and recommend improvements to the Act. The ministry added the income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act.
Last month, the CBDT's internal committee invited public inputs for review of the six-decade-old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Sitharaman for a comprehensive review of the Income-tax Act, 1961, the CBDT had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
