The task of reviewing the Income Tax Act of 1961 will be completed in the given timeframe of six months, CBDT Chairman Ravi Agrawal said on Wednesday.
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.
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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 the finance minister, present during the event as the chief guest, that the task would be completed in the given timeframe.
Agrawal also said that the new regime for Income Tax Returns (ITRs) filing was gaining "widespread acceptance" as 72 per cent of taxpayers had opted for it this time.
There have been 58.57 lakh first-time filers (of ITRs) till July 31, he added.
The chairman further said a total of 6.76 lakh income tax assessments were completed till now under the faceless regime, while 2.83 lakh appeals were finalised by July.
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Agrawal said the performance in direct tax collections has been "satisfying" as Rs 19.58 lakh crore revenue was collected during the 2023-24 fiscal, a "robust" 17.70 per cent higher from the previous year.
