CBDT Chairman reveals tax notice reforms in exclusive interview
To facilitate this, an internal committee has been formed to oversee the review. The committee has already begun its work, and we expect to complete the review within the next six months, Aggrawal concluded.
In an exclusive interview with Zee Business, Central Board of Direct Taxes (CBDT) Chairman Ravi Aggrawal shed light on upcoming reforms within the Income-tax Department. Aggrawal revealed that only 0.1% of the country's taxpayers are issued tax notices, yet the department remains committed to enhancing its processes in line with the Finance Minister's directives.
A significant part of this effort focuses on the language used in tax notices. "We have already initiated work on simplifying the language of tax notices," Aggrawal stated. He acknowledged that the current legal language, rooted in the Income-tax Act of 1961, has remained largely unchanged, as much of it was inherited from older legislation.
Aggrawal emphasized the department's commitment to adopting a more taxpayer-friendly approach. He confirmed that a comprehensive review of the Income-tax Act is underway, which includes efforts to make tax notices more accessible by using common, everyday language.
To facilitate this, an internal committee has been formed to oversee the review. "The committee has already begun its work, and we expect to complete the review within the next six months," Aggrawal concluded.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.