1 month ago
Income Tax Act overhaul likely in Budget
New Indian ExpressNEW DELHI: 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 said, “I am announcing the comprehensive review of Income Tax Act, 1961. It is proposed to be completed in six months.” As part of this overhaul, the minister may propose measures to consolidate and simplify TDS regulations, making compliance easier for taxpayers.
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