Give suggestions on new income tax bill: CBDT Chief Ravi Agrawal to industry

Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal connected Monday asked manufacture players to springiness their suggestions connected the caller income taxation bill, which volition beryllium tabled successful Parliament this week.

The caller income taxation bill, which volition regenerate the six decennary aged Income Tax act, 1961, has been drafted wrong six months and efforts person been made to simplify the connection to marque taxation compliance easier for taxpayers and marque it easier to work and understand.

Agrawal said that the caller measure has been drafted successful specified a mode that it meets planetary standards.

Also, the caller instrumentality has been made concise, arsenic aged provisions person been removed, making it little bulky.

He asked the manufacture to springiness their suggestions erstwhile the caller measure is introduced and assured them that the suggestions would beryllium looked into.

With respect to updated I-T returns (ITR-U), Agrawal said successful the past 3 years astir 90 lakh specified returns were filed. Around Rs 8,500 crore further revenues were garnered.

Finance Minister Nirmala Sitharaman successful her Budget code had said that the clip bounds to record updated ITRs for immoderate appraisal twelvemonth volition beryllium extended from the existent bounds of 2 years to 4 years.

Agrawal besides said the income taxation section is adopting a "participative" attack and is nary longer pursuing an "adversarial" approach.
"The attack of the taxation section is changing," helium said.

The taxation department, Agrawal said, it pursuing a 'PRUDENT' attack wherever P stands for Proactive and professional, R (Rule based), U (User Friendly), D (Data driven), E (Enabling environment), N (Non-intrusive), T (Transparency).