Key Points
The Central Government is working on the modalities to simplify taxes, improve tax payer services and reduce litigation by undertaking a comprehensive review of the Income Tax Act, 1961, which would be shared for stakeholder consultation within next six months...
The move will be a win-win situation for both the government and tax payers...
He further said the efforts of the government would continue to provide a hassle free, simple and adopt a collaborative approach towards implementation of taxes..
The purpose of our proposals, both on the policy side as well as on the implementation side, are to collect taxes from wherever they are due but do it in a manner that gives respect, trust to the taxpayers and collect them in a smooth and hassle-free manner, he said.. Pursuing this objective, Vivad se Vishwas Scheme, 2024 for resolution of certain income tax disputes pending in appeal has been announced in the Budget..
The first Vivad se Vishwas scheme for cases under the direct taxes or income tax category was brought out by the government in 2020, with about Rs 75,000 crore revenue being garnered and about a lakh taxpayers availed the scheme...
