The task of reviewing the Income Tax Act of 1961 will be completed in the given timeframe of six months, CBDT Chairman Ravi Agrawal said on Wednesday. Union Finance Minister Nirmala Sitharaman, in her Budget speech last month, had announced that the direct tax law of the country would be reviewed to make it simple and the task would be completed in six months.

"We have an important task on hand and that is the comprehensive review of the Income Tax Act, 1961. This exercise is aimed to reduce litigation and provide tax certainty to taxpayers", Agrawal said during an event held here to mark the 165th Year of Income Tax in India.

He said that the board has taken up the assignment in mission mode and the task, though challenging and transformative, will be completed in the given timeframe.