Most suggestions on IT Act were about simplifying language, widening presumptive taxation: CBDT Chairman
CBDT Chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also «studied» the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
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During her last year's Budget speech, Finance Minister Nirmala Sitharaman announced a comprehensive review of the Income-Tax Act, 1961.
The aim of this review was to make the bulky Act — with 298 sections and 23 chapters at present — concise, clear and easy to understand, leading to reduction in tax disputes, litigation and providing greater tax certainty to taxpayers.
An internal committee of the I-T Department was subsequently created which invited suggestions from the public in four categories — simplification of language, litigation reduction, compliance reduction and redundant or obsolete provisions.
The committee had received 6,500 such suggestions.
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