Income Tax Act: Suggestions have also been sought from common people to simplify the Income Tax Act. They are being asked what problems they have under the current law and how they can be resolved.
Income Tax Act: Central government is working towards simplifying the Income Tax Act by making changes in it. The internal committee of the Central Board of Direct Taxes (CBDT) formed for this is studying every point closely and preparations are being made to remove unnecessary provisions. Along with this, suggestions have also been sought from the common people to simplify the Income Tax Act. They are being asked what problems they have under the current law and how they can be resolved.
In the general budget for the financial year 2024-25, Finance Minister Nirmala Sitharaman had announced to simplify the Income Tax Act by making changes in it, for which a time limit of six months was also set. Under this episode, now the CBDT committee is working on changes in the law. Sources say that preparations are on for a wide-scale change. All such provisions will be removed, which are not necessary. It is believed that by February next year, the amendment related to the change will be approved on the basis of the committee’s suggestion.
You can also give suggestions
You can also give your suggestions regarding changes in the Income Tax Act. The portal of the Income Tax Department is open for this. Income tax payers and common citizens wishing to give suggestions can give their suggestions online by clicking on https//eportal.incometax.gov.in. Suggestions can be given mainly in four categories. These include simplification of language, reduction in litigation, removal of redundant cases and obsolete provisions. The portal is open for suggestions from October 8.
Taxpayers want freedom from long legal process
It is being told that most of the suggestions received so far are related to simplification of language and reduction of long legal battles. Actually, there are many pending cases of tax demand in the Income Tax Department, which have been going on for years. In such cases, the amount of tax demand is also limited but for their resolution, a long process has to be followed according to the existing law. Taxpayers want that the process of settlement of such cases should be limited. After inviting suggestions, the committee will prepare its report.
