The government has also set up an internal committee of revenue officials to examine and modernize income tax regulations, such as the ITR forms. This move came after the presentation of the new Income Tax Bill in Lok Sabha on Thursday.
The committee is mandated to propose amendments to see that tax laws are brought into conformity with the provisions of the bill to be enacted into law as the Income Tax Act, 2025. The aim is mainly to ease the tax filing process, increase transparency, and boost compliance by taxpayers.
On Thursday, there was a video conference between senior CBDT officials and the revenue secretary on the proposed modifications. The subject matter of the discussion was how the new tax bill would have an effect and what could be done to make the rules on income tax streamlined in response to this.
Authorities underscored the importance of having a modernized tax administration system and deliberated on steps to enhance the efficiency of the filing process. Under the reforms, the tax department will focus on capacity building, building training materials and tools to enable taxpayers and officials to understand the changing tax framework.
The drive by the government to modernize taxation is in sync with its overall vision of developing a more efficient and technology-friendly tax regime. The proposed amendments are meant to reduce bureaucratic lags and simplify tax procedures for both citizens and enterprises.
With the committee established, stakeholders are looking forward to dramatic movement toward a contemporary, streamlined, and taxpayer-friendly system. The reforms should make compliance with taxes more convenient while the system remains adaptive to the needs of India’s expanding digital economy.
