Income tax simplification hopes rise as feedback process nears rollout; Budget 2025 may bring big news on direct tax laws
budget. According to reports, Modi government is about to start the feedback process involving the private sector and tax experts on the Income Tax Act, 1961, starting in October. This initiative aims to simplify the existing direct tax laws.
At a recent meeting with industry chambers, the government announced the development of a new feature on the Income Tax portal. This will allow stakeholders to offer suggestions on various sections of the Income Tax Act, intending to simplify the language and reduce legal disputes.
The idea is to ensure that India's tax laws are more straightforward and less prone to litigation.
Earlier this year, the Central Board of Direct Taxes (CBDT) formed an internal committee to thoroughly review the six-decade-old tax law. The committee's goal is to make the law more concise and easier to understand.
«In the meeting with industry associations, the revenue department suggested that the functionality be developed by the first week of October to give suggestions for reworking the income tax law,» a source said.
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