New Delhi, 07th October, 2024
In the Union Budget 2024-2025, the Hon’ble Finance Minister announced a comprehensive review of the Income-tax Act, 1961. The purpose of this review is to simplify the Act, make it more concise, and reduce complexities that often lead to disputes and litigation. The aim is to ensure greater clarity and tax certainty for taxpayers across the country.
To spearhead this initiative, the Income Tax Department has established an internal committee that will oversee the review process. As part of this review, public inputs and suggestions have been sought in four key categories:
- Simplification of Language
- Litigation Reduction
- Compliance Reduction
- Redundant/Obsolete Provisions
To make the process more inclusive and accessible, a dedicated webpage has been launched on the e-filing portal. Members of the public are encouraged to submit their suggestions through this platform. To access the page, individuals need to enter their mobile number and verify it using an OTP. The webpage can be found at the following link:
https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review
Submissions should clearly reference the relevant provision of the Income-tax Act, 1961 or the Income-tax Rules, 1962. This includes specifying the section, sub-section, clause, rule, sub-rule, or form number, as applicable, to which the suggestion pertains.
The portal is now live, with the public being able to submit suggestions from 6th October 2024 onwards.