Budget proposals lay ground for long term reforms: NITI Aayog VC
NITI Aayog vice chairman Suman Bery on Wednesday said the review of the direct tax and the custom's duty rates as announced by the Finance Minister in her Budget speech will prepare the ground for long term reforms. Bery further said that the Budget for 2024-25 was a structural budget, which will help in improving labour productivity by building a relationship between the workforce and the private sector.
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«The Budget (2024-25) proposals provide a roadmap for review of direct taxes, customs duty rates meant to be done in the six months...will prepare the ground for longer term reforms,» he told PTI in an interview.
The government on Tuesday announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read.
Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman has said the government will come out with SoP (Standard Operating Procedure) for TDS defaults and simplify and rationalise the compounding of such offences.
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«I am now announcing a comprehensive review of the Income-tax Act,1961. The purpose is to make the Act concise, lucid,
