CHALLENGES
While the number of income-tax returns filed has increased, a number of them report limited income. More than 80 per cent of them reported income of less than Rs 10 lakh
The largest source of income for individuals is salaries, but it has grown slowest among income categories
TAKEAWAYS
Announcement of a comprehensive review of the Income-Tax Act, 1961, to be completed in six months. The aim is to reduce disputes and litigation, and provide tax certainty
Proposal to increase monetary limits for filing appeals over tax disputes
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First Published: Jul 23 2024 | 11:36 PM IS