CHALLENGES
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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
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The largest source of income for individuals is salaries, but it has grown slowest among income categoriesÂ
TAKEAWAYS
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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
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Proposal to increase monetary limits for filing appeals over tax disputes
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First Published: Jul 23 2024 | 11:36 PM IST
