Finance Ministry Fast-Tracks Income Tax Act Review, Targets January 2025 Deadline

The Finance Ministry is expediting the review process of the Income Tax Act, with a targeted completion date by January 2025. This review aims at overhauling the existing tax framework, which has remained mostly unchanged since its inception in 1961. The government is focusing on modernizing tax provisions, simplifying compliance, and eliminating outdated clauses. This process is expected to result in more taxpayer-friendly regulations, potentially boosting ease of doing business. Additionally, it seeks to integrate provisions in line with global best practices. The reform also involves stakeholder consultations to ensure the revised law addresses contemporary tax challenges, including digital transactions and international taxation issues.