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New Tax Code to Replace 60-Year-Old Income Tax Act in 6 Months

A new Income Tax Act might be on the horizon, as hinted by Finance Minister Nirmala Sitharaman On 21st August 2024. This reform is aimed at simplifying the tax code, making it more comprehensive.

Preeti Mondal by Preeti Mondal
Published date: 27th August, 2024
Last edited date: 27th August, 2024
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New Tax Code to replace 60-year-old Income Tax Act in 6 months
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  • On 21st August 2024, celebrating 165 years of Income Tax in India, Finance Minister Nirmala Sitharaman made a big announcement.
  • What? A new Income Tax Act might be coming soon in actually 6 months!
  • Why? This bold reform aims to make taxes easier to navigate and more user-friendly.

What is happening? Simplified Income Tax Act

The Union Finance Minister in her 2024 Budget speech, hinted at the scope of this upcoming Income Tax reform.

While she didn’t specify whether it would be an entirely new code or a revised version of the current Act, she emphasized that it would be easier to understand.

The aim is to craft a tax code that is concise, clear, and reduces the chances of disputes.

FM Nirmala Sitharaman called for tax notices to avoid technical jargon, making them comprehensible to ordinary citizens.

When is the new Act set to be announced?

Ravi Agrawal, Chairman of the Central Board of Direct Taxes (CBDT) added weight to this announcement.

He stated that the review of the new Income Tax Act will be wrapped up in just six months.

If only tax seasons were this quick!

Also read: India witnesses a surge in Income Tax Return filings in 10 years: From 38 million to 77.8 million

Evolution of India’s Income Tax Act

India’s Income Tax journey began in 1860, introduced by Sir James Wilson.

Since then, the tax system has seen numerous changes, with the most significant being the Income Tax Act of 1961.

The Income Tax Act of 1961 has governed India’s taxation landscape for over six decades.

However, as times change, so must the laws to keep up with the changing times.

The news received mixed reactions from tax professionals

Wrapping up 

For taxpayers, this reform could mean clearer tax notices, less jargon, and a smoother process overall.

For Chartered Accountants and Tax professionals, this might mean a fresh set of challenges. Change can be exciting, but it’s also a bit of a juggling act!

Imagine a tax code that doesn’t require a legal dictionary or a Chartered Accountant to decipher!

And for the CA students, it could mean some major changes in their Direct Tax paper. (Good luck to them)

The hope is that these changes will lead to a more efficient tax refund process, less litigation, and greater certainty in tax matters.

Do you think introducing a new Income Tax Act is a good idea?

Preeti Mondal

Preeti Mondal

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Comments 3

  1. subharaman krishnan says:
    1 year ago

    Good move. Tax laws should be simple. MPs should declare their tax exempted income every year because they are the Law makers. People need to know how much exempted agricultursl income they have every year. Can you imagine people with 100 crore exempted agricultural income debating on tax code applicable to about 7.5 crore people filing returns. How ridiculouus it is.

    Reply
  2. Mahesh Vk says:
    1 year ago

    Biggest moron of all times…not sure how she reached this post .. only tax looter

    Reply
  3. Balu Ramanathan says:
    1 year ago

    What gives you the locus standing to judge an FM when we (you included sir) don’t even know what the contents of the new code? So presumptuous!!

    Reply

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