New Delhi: The government is working towards a comprehensive review of the Income Tax Act, and the first draft which will be prepared by an internal committee of the tax department will be put out for stakeholder consultation within the next 6 months, Revenue Secretary Sanjay Malhotra said on Thursday.
Addressing FICCI’s interactive session on Union Budget 2024-25, he said: “We will have a consultation process on the first draft and how it will happen, that we will decide. We would like to have a collaborative approach for implementation.”
The Revenue Secretary further stated that the efforts of the government will continue to provide a hassle-free, simple, and collaborative approach towards the implementation of taxes.
“Our approach towards taxation has always been and will continue to be in the mode of collaboration and not confrontation. The purpose of our proposals, both on the policy side as well as on the implementation side, is to collect taxes from wherever they are due but do it in a manner that gives respect, and trust to the taxpayers and collect them in a smooth and hassle-free manner,” he added.
Finance Minister Nirmala Sitharaman has announced in her Budget speech that a comprehensive review of the Income Tax Act, 1961 will be completed in six months. “The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers,” she said.
(IANS)