Income Tax Act Review: Filing income tax returns every year is a big exercise for taxpayers and the Finance Minister has taken steps to make it easier. Finance Minister Nirmala Sitharaman had said in the general budget presented in July that the 60 year old Income Tax Act would be reviewed in 6 months and now she has fulfilled this promise. Finance Minister Nirmala Sitharaman on Monday reviewed India’s Income Tax Act 1961.
Finance Minister Nirmala Sitharaman reviewed the Income Tax Act
Finance Minister Nirmala Sitharaman on Monday chaired the review meeting of India’s Income Tax Act 1961. In a joint meeting on Monday, Finance Minister Nirmala Sitharaman comprehensively reviewed the Income Tax Act or Income Tax Act 1961. Under the review of the Income Tax Act 1961, 22 special sub-committees were formed for different aspects, whose inputs were given in this meeting.
Review of Income Tax Act was announced in the Union Budget.
Revenue Secretary Sanjay Malhotra, CBDT Chairman Ravi Agarwal and other officials of the Central Board of Direct Taxes (CBDT) were also present in this meeting with the Union Finance Minister. Together with all these officials, the Finance Minister shared views on many issues and took important decisions as part of the comprehensive review of the Income Tax Act 1961. In fact, the Finance Minister had announced to review the Income Tax Act or Income Tax Act 1961 in the Union Budget presented on 23 July 2024.
Finance Ministry posted picture and information on X
The Finance Ministry shared the information on social media platform X along with the photo of Finance Minister Nirmala Sitharaman and other officials. It has been told that 22 different sub-committees were formed to review various aspects of the Income Tax Act, which have taken new conclusions after considering various levels and aspects.
22 sub-committee together made many conclusions – will be executed soon
Revenue Secretary Sanjay Malhotra informed the Finance Minister in this meeting that these 22 sub-committees have been actively participating in many different meetings. Be it through official personal meetings or video-conferences, different domain experts have given effective suggestions to innovate and improve the Income Tax Act. Apart from this, 6500 valuable suggestions have so far been received on the portal opened for this on 6 October 2024. This shows that the Finance Ministry has received sufficient participation from the general public for the reform of the Income Tax Act through these portals. It can be assumed that efforts to execute these suggestions and conclusions will begin soon.
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 @FinMinIndiaShri Ravi Agarwal, Chairman @IncomeTaxIndia and senior CBDT officials.… pic.twitter.com/fLUvYOXPcP
— Ministry of Finance (@FinMinIndia) November 4, 2024
For information, it is important to mention here that only last month, CBDT had invited necessary suggestions through public input i.e. public participation for necessary reforms in the six decade old Income Tax Act. In this, suggestions and recommendations have come from people regarding various new provisions ranging from simplifying the language to reducing litigation and quick disposal of complaints.
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