Indian government seeks private input to simplify 1961 Income Tax Act, led by Central Board of Direct Taxes.

The Indian government will seek input from private sector and tax experts on the Income Tax Act (I-T Act) starting in October, aiming to simplify the 1961 law. This initiative, led by the Central Board of Direct Taxes, focuses on improving clarity and reducing litigation. Finance Minister Nirmala Sitharaman expects the review to conclude in six months, with potential amendments introduced during the upcoming Budget session of Parliament in 2025.

September 29, 2024
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