New Income Tax Bill: To make the tax system easier and transparent, the central government is bringing a new income tax bill. This bill is likely to be approved in the cabinet meeting to be held on Friday 7 February 2025. After this approval, the bill can be introduced in the Lok Sabha next week.
To make the tax system easier and transparent, the central government is bringing a new income tax bill. This bill is likely to get approval in the cabinet meeting to be held on Friday, February 7, 2025. After this approval, the bill can be introduced in the Lok Sabha next week. Let us tell you that with the passing of the new bill related to income tax, it will be easier to pay tax.
Efforts have been made to simplify the language to make the law related to it easier to read and understand. According to a report by news agency ANI, the new income tax bill was to be introduced in Parliament on Thursday. However, now there is news that it can be introduced tomorrow i.e. on Friday. Let us tell you that the budget session of Parliament started on 31 January. The first part of the session will run till February 13 and the second session will resume on March 10 and will run till April 4.
What is the detail
India Today has reported quoting sources that the new Direct Tax Code or the new Income Tax Bill may get approval in the Cabinet meeting on Friday and it may be introduced in the Lok Sabha next week. Let us tell you that Union Finance Minister Nirmala Sitharaman had announced during her Union Budget 2025 that the Center will bring a new Income Tax Bill. The New Income Act will try to replace the old Income Tax Act 1961 and simplify the rules and sections. Finance Minister Nirmala Sitharaman said on February 1, ‘The new Income Tax Bill will be clear and direct.’
What is the purpose
Let us tell you that the government has already made it clear that no new tax will be imposed in the bill and the focus will only be on simplifying tax rules, removing ambiguities and ensuring ease of compliance for taxpayers. Apart from this, several amendments are expected to be introduced in the existing law with a focus on reducing litigation. One of the provisions may include reduction in penalties for certain offenses, making the tax structure less punitive and more taxpayer-friendly. An important aspect of the new bill will also be the simplification of legal language, so that even ordinary taxpayers can easily understand tax provisions and their implications.
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