{"id":149328,"date":"2024-10-07T18:36:14","date_gmt":"2024-10-07T18:36:14","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/07\/govt-seeks-public-comments-for-income-tax-law-revamp-times-of-india\/"},"modified":"2024-10-07T18:36:15","modified_gmt":"2024-10-07T18:36:15","slug":"govt-seeks-public-comments-for-income-tax-law-revamp-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/07\/govt-seeks-public-comments-for-income-tax-law-revamp-times-of-india\/","title":{"rendered":"Govt seeks public comments for income tax law revamp – Times of India"},"content":{"rendered":"
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NEW DELHI: The govt-appointed committee to rework the Income Tax Act has sought public inputs and suggestions in four categories for simplification of language, steps to reduce litigation, ease compliance requirements, and identification of redundant or obsolete provisions, clearly indicating the direction in which it is working.
In her budget speech finance minister Nirmala Sitharaman<\/a> had announced a review of the 63-year-old law, the latest after at least two earlier attempts were aborted by govt.The first committee, which led to the circulation of the Income Tax Code during P Chidambaram\u2019s stint, remained a stillborn after Pranab Mukherjee opted to ignore the recommendations.
Similarly, an earlier exercise undertaken by the Narendra Modi govt, which had set up an expert committee, is seen to have been jettisoned by the income tax department despite Prime Minister himself speaking about the need to review the provisions. On both occasions officials argued that the recommendations have been incorporated into the law.
This time, Sitharaman has opted for an internal committee of officials to suggest changes and it is expected that based on the feedback the committee will submit its report, some of which could find its way into the budget. The committee\u2019s recommendations are also expected to be discussed widely and public comments may be sought.
The current Income Tax Act is seen to have become too bulky and with several exemptions having been done away with and the business processes undergoing an overhaul, many officials believe that it is time to rewrite the law.
In a statement, the Central Board of Direct Taxes said, comments and inputs can be shared through the income tax e-filing portal.<\/div>\n<\/div>\n