New Delhi: Finance Minister Nirmala Sitharaman chaired a meeting on the comprehensive review of the Income Tax Act 1961 with Revenue Secretary Sanjay Malhotra, CBDT Chairman Ravi Agarwal, and senior CBDT officials.
A comprehensive review of the Income Tax Act 1961 was announced in the Union Budget 2024-25 tabled on July 23. The Revenue Secretary informed the Union Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act.
These committees have actively engaged in numerous meetings — both in person and via virtual conference — with domain experts to collaboratively explore and recommend improvements to the Act.
Union Minister for Finance and Corporate Affairs Smt. @nsitharaman today chaired a meeting on the comprehensive review of the Income Tax Act 1961 with Shri Sanjay Malhotra, Secretary, D/o Revenue @FinMinIndia; Shri Ravi Agarwal, Chairman @IncomeTaxIndia and senior CBDT officials.… pic.twitter.com/fLUvYOXPcP
— Ministry of Finance (@FinMinIndia) November 4, 2024
During the meeting, the Revenue Secretary also apprised the Minister that 6,500 valuable suggestions have been received through the portal since it was opened on October 6, reflecting active public participation towards further simplification of the IT Act.
The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, and litigation, and provide greater tax certainty to taxpayers. The committee invited public inputs and suggestions in four categories — simplification of language; litigation reduction; compliance reduction; and redundant/obsolete provisions.
FM Sitharaman had in her Budget speech asserted that the comprehensive review of the Act will also bring down the demand embroiled in litigation. She proposed that the review would be completed in six months.
