Income tax new bill: The Government of India is planning to introduce an income tax bill, which will make the existing law simpler, transparent and more effective. The bill is being prepared to replace the Income Tax Act 1961 and will provide public…
First there is tax on income, and on top of that there is planning for tax. Both are headaches for the taxpayer. The government also knows this very well. This is the reason why the Government of India introduced the new tax regime, so that the taxpayer at least does not have to plan to save tax. Now a news is coming out that the government can introduce a new income tax bill in the upcoming budget. The purpose of this bill will be to simplify the laws related to tax and coordinate with the current economic conditions.
There are only a few days left for Budget 2025 to be presented. Economic experts are speculating about various things. According to a PTI report, Finance Minister Nirmala Sitharaman may introduce a new Income Tax Bill in the upcoming budget session. This bill will replace the Income Tax Act of 1961, which is about 63 years old. According to the report, the government wants to make this bill more concise and effective by reducing its size to 60.
The government will introduce this bill directly in Parliament, where the views of taxpayers, experts and other stakeholders will be included before it is finalised. The new bill will be more transparent, controversy-free and easily understandable compared to the current law. It aims to not only reduce taxpayers’ grievances but also simplify the compliance process.
Income Tax Department sought suggestions
To prepare this bill, the Central Board of Direct Taxes (CBDT) has formed an internal committee, which will monitor the entire amendment process. Apart from this, 22 sub-committees have been formed to study various aspects of the Income Tax Act.
The Income Tax Department has also sought suggestions from the public to make the new bill more effective. Suggestions have been emphasized to simplify the language, reduce disputes, ease compliance and remove old provisions. So far, the department has received more than 6,500 suggestions, which can be incorporated in the new law.
The expert committee is considering dividing the current law into two or three parts so that taxpayers of every category can understand it easily. This will not only reduce complexities but will also reduce disputes.
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