Income Tax Act Review: 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.
Income Tax Act Review: Filing income tax returns every year is a major 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 the Income Tax Act 1961 of India.
Finance Minister Nirmala Sitharaman reviewed the Income Tax Act
Finance Minister Nirmala Sitharaman on Monday chaired a review meeting of the Income Tax Act 1961 of India. 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 presented in this meeting.
The review of the 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 under the comprehensive review of the Income Tax Act 1961 and took important decisions. In fact, the Finance Minister had announced the review of 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 information on the social media platform X with a picture of Finance Minister Nirmala Sitharaman and other officials. It states that 22 different sub-committees were formed to review various aspects of the Income Tax Act, which have drawn new conclusions by looking at many levels and aspects.
22 sub-committees together drew many conclusions – will be executed 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 @FinMinIndia; Shri Ravi Agarwal, Chairman @IncomeTaxIndia and senior CBDT officials.… pic.twitter.com/fLUvYOXPcP
— Ministry of Finance (@FinMinIndia) November 4, 2024
Revenue Secretary Sanjay Malhotra has informed the Finance Minister in this meeting that these 22 sub-committees have been actively participating in many different meetings. Whether it is an official personal meeting or through video-conference, different domain experts have given effective suggestions to innovate and improve the Income Tax Act. Apart from this, 6500 valuable suggestions have been received so far on the portal opened for this on 6 October 2024. This shows that the Finance Ministry has also received adequate participation of the general public through these portals for improving the Income Tax Act. It can be assumed that the exercise to execute these suggestions and conclusions will start soon.
For information, it is important to mention here that just last month, CBDT had sought suggestions through public input for necessary reforms in the six-decade-old Income Tax Act. In this, suggestions and recommendations have come from the people about all the new provisions, from simplifying the language to reducing litigation and quick resolution of complaints.
