The income tax department, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB), conducted an outreach initiative on Friday in Mumbai. The event aimed to raise awareness and enhance stakeholder understanding of the provisions of the new Income-tax Act, 2025, and the Income-tax Rules, 2026.
Key Officials Highlight Benefits
Nirupama Kotru, Chief Commissioner of Income Tax (International Taxation and Transfer Pricing), and Mohit Jain, Chief Commissioner of Income Tax, addressed the gathering. They emphasized that the new provisions are designed to enhance transparency, reduce complexities, and promote ease of compliance for taxpayers.
Focus on Transparency and Simplification
The officials elaborated on how the updated tax framework aims to streamline processes and reduce the compliance burden. The outreach program included detailed sessions on the key changes introduced in the new Act and Rules, as well as interactive discussions to address queries from industry representatives.
Industry Participation
Representatives from the gem and jewellery sector, including exporters and traders, actively participated in the event. The initiative is part of a broader effort by the tax department to engage with various industries and ensure smooth transition to the new tax regime.
Stakeholders were encouraged to familiarize themselves with the updated provisions to benefit from the simplified compliance measures. The event also provided a platform for direct interaction between tax officials and industry players, fostering a collaborative approach to tax administration.
