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CBDT Chairman Ravi Agrawal stated on Wednesday that the review of the Income Tax Act of 1961 is set to be completed within the designated six-month timeframe.
Union Finance Minister Nirmala Sitharaman, in her Budget speech last month, announced that the direct tax law of the country would be reviewed to make it simple, and the job would be completed in six months.
“We have an important task on hand, and that is the comprehensive review of the Income Tax Act, 1961. The purpose is to make the Act concise, lucid, and easy to read and understand. This exercise is aimed to reduce litigation and provide tax certainty to taxpayers,” Agrawal said during an event held here to mark the 165th Year of Income Tax in India.
The work, though challenging, was transformative, and “we have taken the assignment in a mission mode”, the Central Board of Direct Taxes (CBDT) chief said. He assured that the task would be completed in the given timeframe.
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