Income Tax Act Review 2024-2025: Finance Ministry Invites Public Input for Comprehensive Overhaul; Check For More Details

In the Budget 2024-2025 speech, the Hon’ble Finance Minister announced a comprehensive review of the Income-tax Act, 1961. The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers. An internal committee of the Income Tax Department has been formed to oversee this review.

The committee invites public inputs and suggestions in four categories: Simplification of Language, Litigation Reduction, Compliance Reduction, and Redundant/Obsolete Provisions. To facilitate this, a webpage has been launched on the e-filing portal with the following link: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review

The public can access the page by entering their mobile number and validating it via OTP. Suggestions should specify the relevant provision of the Income-tax Act, 1961 or Income-tax Rules, 1962 (mentioning the specific section, sub-section, clause, rule, sub-rule, or form number), as the case may be, to which the suggestion relates under the aforementioned four categories. The web page is live and accessible to the public in the E-filing portal from 06.10.2024.