Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday requested trade gamers to offer their solutions on the brand new earnings tax invoice, which can be tabled in Parliament this week.
The brand new earnings tax invoice, which can change the six decade previous Revenue Tax act, 1961, has been drafted inside six months and efforts have been made to simplify the language to make tax compliance simpler for taxpayers and make it simpler to learn and perceive.
Agrawal mentioned that the brand new invoice has been drafted in such a manner that it meets worldwide requirements.
Additionally, the brand new regulation has been made concise, as previous provisions have been eliminated, making it much less cumbersome.
He requested the trade to offer their solutions as soon as the brand new invoice is launched and guaranteed them that the solutions can be appeared into.
With regard to up to date I-T returns (ITR-U), Agrawal mentioned within the final three years about 90 lakh such returns have been filed. Round Rs 8,500 crore extra revenues have been garnered.
Finance Minister Nirmala Sitharaman in her Funds speech had mentioned that the time restrict to file up to date ITRs for any evaluation 12 months can be prolonged from the present restrict of two years to 4 years.
Agrawal additionally mentioned the earnings tax division is adopting a “participative” method and is now not following an “adversarial” method.
“The method of the tax division is altering,” he mentioned.
The tax division, Agrawal mentioned, it following a ‘PRUDENT’ method the place P stands for Proactive {and professional}, R (Rule based mostly), U (Person Pleasant), D (Information pushed), E (Enabling surroundings), N (Non-intrusive), T (Transparency).
