Biz Updates: CBDT constituted committee for comprehensive review of Income Tax Act, suggestions sought from common people

New Delhi| The Central Board of Direct Taxes (CBDT) has constituted an internal committee to oversee a comprehensive review of the Income Tax Act, 1961 (the Act). The formation of the committee was announced by Finance Minister Nirmala Sitharaman in the budget speech for the Union Budget 2024-25.

This move by CBDT aims to make the Act concise, clear and easy to understand. The government believes that simplifying the Income Tax Act will reduce disputes and litigation. Along with this, taxpayers will also be able to remain relaxed.

After formation, the committee has also invited inputs and suggestions from common people in four categories. Views have been sought from people on simplification of language, reduction in litigation, lack of compliance and unnecessary/obsolete provisions. To facilitate this, a webpage has been launched on the e-filing portal, which can be accessed at this URL:https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review stakeholders, experts and common people can access this page by entering their name and mobile number.

People have been asked to give their suggestion by referring to specific section, subsection, section, rule, bylaw or form number of Income Tax Act 1961 or Income Tax Rules 1962. Sitharaman had stressed in her budget speech that a comprehensive review of the Act would reduce litigation. He had proposed that the review would be completed in six months.

According to a report by FICCI-Deloitte, the Indian e-commerce market is expected to reach USD 325 billion by 2030. It is growing annually, at a strong CAGR (annual growth rate) of 21%.

Food Processing Industries Minister Chirag Paswan said this while addressing the 13th edition of ‘FICCI Massmerise 2024’ on Monday. During this, he stressed the importance of never compromising on product quality in all sectors. He said that this affects not only the reputation of the company but also the global reputation of India. He said that the government is working towards setting Indian standards, which will be recognized at the international level.

The Securities Appellate Tribunal (SAT) has stayed SEBI’s order. In the order, SEBI had banned real estate company Omaxe, its chairman Rohtas Goyal, MD Mohit Goyal and others from the securities market for two years for giving false information in the company’s financial statements.

New Delhi. Hero Motors has withdrawn the draft of the Rs 900 crore IPO on October 5. No reason has been given for this. The company was going to raise 500 crore from new shares and the rest from Offers for Sale. It had submitted the draft to SEBI in August.

Bank of India has given 14.4 percent more loans in the September quarter. Its total borrowing has come to Rs 6.21 lakh crore. Total deposits have increased by 10.1 per cent to 7.75 lakh crore. The turnover has increased by 12 per cent to 13.96 lakh crore.