CBDT forms internal committee to comprehensively review Income-tax Act, 1961
On 7 October 2024, in India, the Finance Ministry said the CBDT has formed an internal committee for a comprehensive review of the Income-tax Act, 1961, and invited public suggestions on the e-filing portal.
Summary
On 7 October 2024, in India, the Finance Ministry said the Central Board of Direct Taxes (CBDT), following the Union Budget 2024-25 announcement, has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961, to make it concise, clear and easy to understand. The committee invites suggestions in four categories - simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions - through a webpage on the Income Tax e-filing portal.
Key facts
- Announced
- 7 Oct 2024
- Body
- CBDT internal committee
- Law
- Income-tax Act, 1961
- Categories
- Language simplification, litigation reduction, compliance reduction, redundant provisions
- Inputs via
- Income Tax e-filing portal
Practice MCQs 2 questions
The internal committee formed by CBDT in October 2024 will comprehensively review which law?
Show answer
Correct answer: A — Income-tax Act, 1961
PIB (7 Oct 2024): CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961.
Consider the following about the review of the Income-tax Act announced on 7 October 2024: 1. The internal committee was formed by the Central Board of Indirect Taxes and Customs (CBIC). 2. 'Compliance Reduction' is one of the four categories in which suggestions are invited. Which of the statements given above is/are correct?
Show answer
Correct answer: B — 2 only
Statement 1 is incorrect: the committee was formed by the Central Board of Direct Taxes (CBDT). Statement 2 is correct: the four categories are simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions.