According to media sources, The Central Board of Direct Taxes (CBDT) has formed an Internal Committee to oversee a comprehensive review of the Income Tax Act, 1961.
The Ministry of Finance said that the goal of this committee is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers. The Ministry also invited suggestions from stakeholders, experts, and the public on the Income Tax e-filing portal.
The suggestions are invited under four categories that are Simplification of Language, Litigation Reduction, Compliance Reduction, and Redundant/Obsolete Provisions. The suggestions can be submitted on the e-filing portal on the Income Tax Department’s official website.
News & Image Source: newsonair.gov.in
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