Encourage compliance rather than enforcement: Highlights from FM Sitharaman's Income Tax Day speech

Finance Minister Nirmala Sitharaman highlighted key points during her speech on Income Tax Day, emphasising the need for tax authorities to use simple language in notices and circulars for better understanding. She mentioned receiving 58.57 lakh ITRs from first-time taxpayers and plans for a new Tax Code to reduce litigation. Sitharaman stressed on a friendly approach to encourage compliance, improving transparency, and efficiency in tax processes.