New Delhi [India], March 18 (ANI): Regarding the Income Tax Bill 2025, which was introduced in Parliament and is currently under examination by the Select Committee for detailed consideration, stakeholders are encouraged to continue submitting their suggestions on its provisions.
The suggestions will be compiled and forwarded to the Select Committee for its review.
A utility has been launched on the e-filing portal, which can be accessed through the following link: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review
The above link is live and accessible to all stakeholders from March 8, 2025 on the e-filing portal.
Stakeholders can submit their inputs by entering their name and mobile number, followed by an OTP-based validation process.
All suggestions should clearly specify the relevant provision of the Income-tax Rules, 1962 (including the specific section, sub-section, clause, rule, sub-rule, or form number) to which the recommendation pertains under the four categories as mentioned earlier.
In alignment with the comprehensive review of the Income-tax Act, 1961, an effort is underway to collect inputs and work on simplification of the associated Income Tax Rules and Forms.
The objective of this initiative is to enhance clarity, reduce the compliance burden, and eliminate obsolete rules, making tax processes more accessible for taxpayers and other stakeholders. Additionally, streamlining the Rules and Forms aims to simplify tax compliance, improve taxpayer comprehension and ease of filing, lower administrative burdens and errors, and enhance transparency and efficiency.
As part of a wider consultative process, the committee formed to review the Rules and Forms invites input and suggestions from stakeholders in the following four categories: Simplification of Language, reduction of Litigation, reduction of Compliance Burden, and Identification of Redundant/Obsolete Rules and Forms.
This new bill, tabled in Lok Sabha by Union Finance Minister Nirmala Sitharaman on February 13, seeks to replace the existing Income Tax Act, 1961 and introduce changes that affect different categories of taxpayers, including individuals, businesses, and non-profit organisations.
In the July 2024 Budget, the government proposed a comprehensive review of the Income-tax Act of 1961. The purpose was to make the Act concise and lucid and reduce disputes and litigation. (ANI)
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