The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal, has affirmed that the comprehensive review of the Income Tax Act of 1961 will be completed within the stipulated six-month timeframe. Announced by Union Finance Minister Nirmala Sitharaman in her recent Budget speech, the review aims to simplify the direct tax laws of India and enhance tax certainty while reducing litigation.
Agrawal emphasized that the review, though challenging and transformative, is being approached with a sense of urgency and mission. He underscored the importance of this exercise in streamlining the tax framework and addressing long-standing issues faced by taxpayers. The review is expected to modernize the tax system and align it with contemporary needs.
During an event marking the 165th anniversary of income tax in India, Agrawal highlighted the progress under the new regime for Income Tax Returns (ITRs), which has seen significant adoption with 72 per cent of taxpayers opting for the new system. He also reported that under the faceless assessment regime, 6.76 lakh income tax assessments and 2.83 lakh appeals had been completed as of July.
The CBDT's commitment to completing the review on schedule reflects its ongoing efforts to reform and improve the efficiency of the tax administration system in India.
Comments