Review of Tax Act will be completed within the stipulated time frame- CBDT Chairman

Delhi Delhi. CBDT Chairman Ravi Agarwal said on Wednesday that the task of reviewing the Income Tax Act 1961 will be completed within the stipulated time frame of six months. Union Finance Minister Nirmala Sitharaman had announced in her budget speech last month that the country’s direct tax law would be reviewed to simplify it and this task would be completed in six months. Agarwal said during an event organized to mark the 165th year of income tax in India, “We have an important task and that is a comprehensive review of the Income Tax Act, 1961. The aim of this exercise is to reduce litigation and provide tax certainty to taxpayers.” He said that the board has started work in mission mode and this task will be completed within the stipulated time frame despite being challenging and transformative. Sitharaman conducted the program as the chief guest. The head of the Central Board of Direct Taxes (CBDT) also said that the new system of filing income tax returns (ITR) is being liked by the people, as 72 percent of taxpayers have opted for it. He further said that a total of 6.76 lakh income tax assessments were completed so far under the faceless system, while 2.83 lakh appeals were finalised till July.