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I-T Act overhaul likely in Budget
The Morning Standard
|November 19, 2024
Review aims to simplify existing tax framework, which currently comprises 7i TDS section
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IN a major move anticipated during her budget speech on February 1, finance minister Nirmala Sitharaman is expected to announce a comprehensive review of the Income Tax Act. Sources indicate that this review aims to simplify the existing tax framework, which currently comprises a staggering 71 TDS sections.
Announcing the last budget this year, she had said, "I am announcing the comprehensive review of Income Tax Act, 1961. The purpose is to make the act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation. It is proposed to be completed in six months."
This story is from the November 19, 2024 edition of The Morning Standard.
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