Income Tax Review Committee Aims to Simplify IT Act Without Changing Tax Rates

The Income Tax Review Committee is working to simplify the Income Tax Act, aiming to ease the tax compliance process without altering tax rates. The committee's focus is on reducing the number of provisions, eliminating obsolete sections, and providing clearer guidelines. By making the law more user-friendly, the committee hopes to streamline tax administration and enforcement. Additionally, it intends to reduce litigation by addressing the complexity and ambiguity in the tax code. The initiative reflects the government's push for improved ease of doing business and a more transparent tax system, though no significant changes in tax rates are expected at this stage.