Central Board of Direct Taxes Chairman, Ravi Agrawal, alluded to the fundamental shift in tax administration approach, emphasising a new 'PRUDENT' framework: Proactive and professional, Rule-based, User-friendly, Data-driven, creating an Enabling environment, Non-intrusive administration, and leveraging Technology with transparency. Speaking at a FICCI Conference on the Union Budget 2025-26, he noted that key tax initiatives include extending the updated returns window from two to four years, with about 9 million updated returns filed in the past two years generating additional tax revenue of Rs 8,500 crore. The government also announced rationalisation of TDS and TCS provisions, optimising thresholds and rates while decriminalising certain provisions. A new simplified direct tax code is expected to be presented next week, marking the first comprehensive overhaul in decades.
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