In a bid to streamline tax compliance processes, the Ministry of Finance has launched several initiatives aimed at simplifying both income tax and Goods and Services Tax (GST) procedures, specifically targeting small taxpayers. These measures are intended to ease tax filing, reduce operational complexities, and encourage voluntary compliance among small businesses and retail investors.
The Union government on Monday formally launched the process to revamp the existing income-tax regime with four key objectives in mind – simplification of language, reduction of litigations, ease of compliance, and scrapping of obsolete provisions.
Income tax is seeking suggestions for comprehensive review of Income tax Act at the link below.
CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act). The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
The Union finance ministry on Monday invited public input and suggestions for a review of the Income-Tax Act, which was announced in this year’s Budget.
The government has proposed to invite suggestions on Income Tax Act, 1961, from the private sector and tax experts beginning October , as part of an excercise to simplify the direct tax law, sources said. In a meeting with industry chambers earlier this month, the government said that a functionality will be created in the Income tax portal wherein suggestions could be made on different sections of the I-T Act with a view to simplifying the language and reducing litigation.
Expectations are rising that India might finally see the long-awaited simplification of its direct tax laws in the coming Budget.
