FM Nirmala Sitharaman Announced A Review Of Income Tax Act, What Does It Mean?

Nearly 70 minutes into her Budget 2024-25 speech, Finance Minister Nirmala Sitharaman made a big announcement. “I am now announcing a comprehensive review of the Income-tax Act, 1961. The purpose is to make the Act concise, lucid, easy to read and understand”, she said, adding that the review is proposed to be completed in 6 months. The announcement was eclipsed by other news, political and economic. Business Today TV Managing Editor Siddharth Zarabi spoke to CBDT Chairman Ravi Agarwal to find what the plans are.