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Feb 03, 2025
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Most suggestions on IT Act were about simplifying language, widening presumptive taxation: CBDT Chairman
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for simplifying the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT Chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
During her last year's Budget speech, Finance Minister Nirmala Sitharaman announced a comprehensive review of the Income-Tax Act, 1961.
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