Review of Income Tax Act to be completed in given timeframe: CBDT Chairman

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, 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.

Sitharaman officiated the event as the chief guest.

The Central Board of Direct Taxes (CBDT) chief also said that the new regime for Income Tax Returns (ITRs) filing was finding favour as 72% of taxpayers opted for it.

He further said a total of 6.76 lakh income tax assessments were completed till now under the faceless regime, while 2.83 lakh appeals were finalised by July.