Last updated:


The Union Budget 2025 may include a streamlined income tax law, reflecting the committee’s recommendations.


Revision of the Income Tax Act, No Proposal to Change the Slabs, Rates: Report

The committee tasked with revamping India’s decades-old income tax law will not propose any changes in tax rates but will focus on simplifying the legislation to make it more concise and user-friendly, according to a report by Money check.


A senior government official reportedly stated that the review committee aims to submit all 23 reports, each covering a chapter from the 1961 report. Income Tax Act, mid-December.


The Income Tax Act, 1961 started its journey in 1922. It contains 298 sections and 23 chapters and other provisions in its current 1961 form.


Given that the six-month timeline ends in January 2025, it is widely expected to be changed Income tax The bill could be tabled during the budget session of Parliament.


“The review committee will not propose any rate changes. They review every law with the aim of simplifying it, making it concise, user-friendly and easier to read,” the official said. Money check on condition of anonymity.


So far, eight reports have been submitted to the Central Board of Direct Taxes (CBDT), with the sub-committees working intensively to finalize the remaining drafts.


“The reports are submitted and discussed in parallel by the CBDT. Once the assessment is completed, the final compilation will be sent to the Finance Minister,” the official said.


Focus on simplification


Finance Minister Nirmala Sitharaman announced the revision of the Income Tax Act during the budget presentation in July. However, the aim of the revision is not to revise the structure of the law, but to simplify its language, remove outdated provisions and remove unnecessary elements.


The effort will consist of rewording complex provisions without changing their legal intent.


Income Tax Law Review: Committee Structure


The committee is chaired by Chief Income Tax Commissioner VK Gupta and consists of sub-committees and working groups, each headed by a Chief Income Tax Commissioner and focusing on specific chapters of the law.


Key areas assessed include;



With over 80 officials involved, the committee has also launched an online portal to collect public suggestions, with the aim of making the IT Act more accessible and understandable to taxpayers.


What is the Income Tax Act of 1961?


The Income Tax Act of 1961 forms the basis of the Indian tax system. It defines the rules, regulations and procedures for imposing, administering, collecting and recovering income taxes across the country. This comprehensive legislation addresses several important aspects of taxation, including:



This legislation forms the basis for Indian income tax policy and ensures efficient tax administration.


Company news » tax Revision of the Income Tax Act, No Proposal to Change the Slabs, Rates: Report


Sitemap of alynkgcbim.farmhouseshop.ru

Cannabis News RSS Feeds: Weedrss.com

1000+ unique media and news posts every 24 hours…

Published 2 hours ago
Published 7 hours ago
Published 13 hours ago
Published 16 hours ago
Published 17 hours ago
Published 17 hours ago
Published 20 hours ago
Published 21 hours ago
Published 21 hours ago
Published 21 hours ago
Published 22 hours ago