<h1>Finance Minister Orders Review of Income-tax Act 1961 to Simplify Language, Reduce Litigation, and Ease Compliance Burdens.</h1> The Union Finance Minister announced a comprehensive review of the Income-tax Act, 1961, aiming to simplify its language and reduce litigation. A committee under the CBDT has been formed, and the ICAI has submitted preliminary suggestions. The ICAI received over 350 suggestions from stakeholders, leading to the formation of an expert group to review these inputs. The ICAI's recommendations are categorized into simplifying the tax law, removing obsolete sections, mitigating litigation, and reducing compliance burdens. Key suggestions include streamlining tax rates, revising definitions, and enhancing compliance mechanisms. The goal is to make the tax law concise, clear, and user-friendly, ensuring better compliance and reducing disputes.