Income Tax Act Review Committee Set to Submit Report by October

The Income Tax Act Review Committee is on track to submit its recommendations by the end of October 2024. This committee was established to propose amendments to the Income Tax Act, aiming to modernize the tax structure, improve compliance, and simplify tax laws. It will examine outdated provisions, review tax rates, and suggest reforms to boost economic activity. The committee’s work is essential in shaping future tax policy and could lead to significant changes in how income tax is applied to both individuals and businesses. The expected reforms are likely to align with global standards and make India’s tax regime more competitive.