Preparations to simplify the Income Tax law, unnecessary provisions will be removed

New Delhi. The Central Government is working towards simplifying the Income Tax Act by making changes in it. The internal committee of the Central Board of Direct Taxes (CBDT) constituted for this is studying every point closely and preparations are being made to remove unnecessary provisions. Along with this, suggestions have also been sought from the common people to simplify the Income Tax Act. They are being asked what problems they have under the current law and how they can be overcome.

In the general budget for the financial year 2024-25, Finance Minister Nirmala Sitharaman had announced to make changes in the Income Tax Act and simplify it, for which a time limit of six months was also set. Under this episode, now the committee of CBDT is working on changes in the law. Sources say that there is a preparation for change on a large scale. All such provisions which are not necessary will be removed. It is believed that by February next year, the amendment related to the change will be approved on the basis of the committee’s suggestion.

You can also give suggestions
You can also give your suggestions regarding the changes in the Income Tax Act. For this, the portal of the Income Tax Department is open. Income tax payers and common citizens willing to give suggestions can give their suggestions online by clicking on https//eportal.incometax.gov.in. Suggestions can be given mainly in four categories. These include simplification of language, reduction in litigation, removal of meaningless cases and obsolete provisions. The portal is open for suggestions from October 8.

Taxpayers want freedom from long legal process
It is being told that among the suggestions received so far, most are related to simplification of language and reducing long-running legal battles. Actually, there are many cases of tax demand pending in the Income Tax Department, which have been going on for years. In such cases, the amount of tax demand is also limited but a long process has to be followed to resolve them as per the existing law. Taxpayers want that the process of settlement of such cases should be limited. After inviting suggestions, the committee will prepare its report.