I-T Act review: Govt to invite suggestions from industry next month

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I-T Act review: Govt to invite suggestions from industry next month - Business Standard

Quick Summary:

In a meeting with industry chambers earlier this month, the government said that a functionality will be created in the Income Tax portal wherein suggestions could be made on different sections of the I-T Act with a view to simplifying the language and reducing litigation.

The government has proposed to invite suggestions on Income Tax Act, 1961, from the private sector and tax experts beginning October, as part of an exercise to simplify the direct tax law, sources said.

Following the Budget announcement, the Central Board of Direct Taxes (CBDT) had set up an internal committee for a comprehensive review of the six- decade old direct tax law and make it concise, lucid, easy to read and understand.