Exclusive | New Income Tax Act Cleans Up 6 Decades Of Complexity, Focuses On Simplicity: CBDT Member R N Parbat

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Transcript

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00:57So what do you think is that you can easily be aware of yourself so that you have no confusion?

01:05We have full faith that this will happen and that you can understand yourself what is the problem.

01:13Because it is 1961, why is the need for this issue? Why is the need for this issue?

01:21No, this is the first time of the thought.

01:26But in 1961, there are more amendments in our act.

01:33This act was written in the previous language.

01:38But as our Mananiyah, Pradhan Mantri Ji,

01:42who has been speaking over several years,

01:44and this year, we have been speaking over the country,

01:51which has been said in the country,

01:53that the law is in the language,

01:57and the law is not the law.

02:00So, in that process,

02:03our Mananiyah, Pradhan Mantri Ji,

02:05in July of 2020,

02:08when he passed the finance bill,

02:10he announced that in the 6 months,

02:13we will review the income tax act,

02:16and we will review it,

02:18and we will review it,

02:19and we will review it.

02:21So, in this process,

02:23the main work of the vision,

02:25the main work of the vision,

02:27so that we can understand it.

02:30In other words,

02:31the redundant provisions,

02:33the previous years,

02:35the previous years,

02:37we have identified them,

02:39and the other ones,

02:41when the APRM was discussed,

02:48whether we have more or more,

02:50if it is the legacy on our trust,

02:52they were in several different places,

02:53and they were on various levels,

02:55and they were able to identify them,

02:56and one place to take away.

02:58This act has become very easy for us to understand the people of the people of the world.

03:06In the digital age, when we talk about 1961, we talk about the law of 1961.

03:12But today, we have a lot of change. Digital Footprints and transactions are going forward.

03:18How has it been in this new law? How has it been explained to you?

03:24The new act is the current act.

03:28But the new act has been affected by our system.

03:34We have already been working on this act.

03:38When this act will be released in April 2026,

03:43it will be completed.

03:45Department and government,

03:48what steps are you going to take to understand the people?

03:52We are going to issue FAQ on this.

03:56Our media team has released some videos.

04:00We will also issue guidance notes about this.

04:05We will tell you about this.

Exclusive | New Income Tax Act Cleans Up 6 Decades Of Complexity, Focuses On Simplicity: CBDT Member R N Parbat

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