F M Sitharaman Announces Comprehensive Review of Income Tax Act 1961

 The  Finance Minister Nirmala Sitharaman has announced a comprehensive review of the Income Tax Act 1961. 

The review is proposed to be completed within six months. This initiative is expected to streamline the taxation process and provide clarity to taxpayers, thereby minimising conflicts and legal challenges. 

The review will focus on modernising the act to better align with the current economic landscape and ensure a more efficient and taxpayer-friendly system.

The Income Tax Act 1961 is the set of rules and regulations upon which the Income Tax Department levies, administers, collects and recovers taxes