You can now suggest changes to Income-tax Act, 1961
What's the story
The Central Board of Direct Taxes (CBDT) has constituted an internal committee to carry out an exhaustive review of the Income-tax Act, 1961. This comes after Finance Minister Nirmala Sitharaman's announcement in the Union Budget 2024-25 on July 23. The key objective of this review is to simplify the language of the Act, minimize litigation and compliance burdens, and eliminate obsolete provisions. The CBDT has invited the public to send in their suggestions for this review.
Process
How to offer suggestions?
The suggestions can be sent to the committee through the Income Tax e-filing portal. Visit the page (https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review). Enter your name and mobile number, followed by a validation through OTP. Finally, mention the applicable section, sub-section, clause, rule, sub-rule or form number from either the Income-tax Act 1961 or Income-tax Rules 1962 in the suggestion box, and submit.
Taxation reform
FM emphasizes simplification of taxation in Budget 2024
In her Budget 2024 speech, Sitharaman highlighted the Modi government's commitment to simplifying taxation and improving taxpayer services. "It has been a consistent endeavor of the government to simplify taxation, improve taxpayer services, and reduce litigation," she said. The Finance Minister also pointed out that this approach was appreciated by taxpayers, with 58% of corporate tax coming from the simplified tax regime in FY2022-23.