Income Tax Rule: The government has started the process of simplifying the provisions of income tax. For this, suggestions have been sought from the common man. From October 13, you can also send your suggestions on the income tax portal.
Income tax is such a law that only 6 to 7 crore people come under it, but it affects the entire population of the country. The government has talked about a big change in this law and some pages of the 60-year-old income tax law will become history in the coming time. The Central Board of Direct Taxes (CBDT) has also sought suggestions from the common man for this change. It says that our first goal is to end the red tape regarding tax and simplify its process for the common man.
In a statement issued by CBDT, it has been said that the government has formed an internal committee to review the income tax law. This committee will examine it in 4 ways and changes will be made as per the need. In this, the language of income tax will be simplified, there will be an emphasis on reducing disputes, compliance will also be reduced and tax laws will be implemented on the common man in real terms. After reviewing the existing law on these four parameters, the government will make changes in it according to whatever is appropriate.
You can also send suggestions
CBDT has said that common man can also send his suggestions through income tax portal. For this suggestions have been invited from 13th October and people can send their suggestions and verify them through OTP. If you also want to send suggestions, you can send them by visiting this portal https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review. To access the page, you can take the help of mobile number and OTP received on it.
How many rules are there in Income Tax now?
The government has talked about changing the existing rules under the Income Tax Act 1961. There are currently 298 sections, 14 schedules and 23 chapters in the Income Tax Act. Under this, there are many rules that interpret the Income Tax Act. Finance Minister Nirmala Sitharaman had said in the budget presented in July 2024 that the process of changing the Income Tax Act will be completed within the next 6 months. In this regard, its deadline is January 2025.
Let us tell you that the government has made changes
in income tax many times before. The government had introduced two regimes to simplify the income tax. In the old regime, many exemptions including 80C are still being provided, while in the new regime, the government has reduced the tax rates by eliminating 72 types of exemptions. It is clear that the government’s intention is to simplify the process of income tax filing. It is believed that more steps can be taken in this direction in the upcoming budget session.
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