Income Tax Department Receives 6500 Stakeholder Suggestions for Overhaul of IT Act, 1961

The Income Tax Department has received a significant response from stakeholders, amassing 6,500 suggestions over the past month for the comprehensive review of the Income Tax Act, 1961. On Monday, Finance Minister Nirmala Sitharaman led a key meeting to discuss the progress of this pivotal Budget initiative. High-level attendees included Revenue Secretary Sanjay Malhotra, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal, and other senior officials from the CBDT. The Finance Ministry shared on social media platform X that Malhotra briefed the Finance Minister on the formation of 22 specialised sub-committees. These committees have been tasked with reviewing various elements of the I-T Act and have engaged in discussions with domain experts through in-person meetings and virtual conferences to assess potential reforms. The active response underscores a strong public desire for a modern, streamlined tax code that enhances efficiency and reduces taxpayer challenges.