New income tax bill: The new Income Tax Bill has been prepared to replace the six-decade-old Income Tax Act, 1961. No new tax or any new burden will be imposed in the new Income Tax Bill.
The new Income Tax Bill will be introduced in Parliament next week. Along with this, the new bill is likely to be discussed in the Union Cabinet meeting on Friday. Finance Secretary Tuhin Kant Pandey gave this information on Thursday. Earlier, the bill was expected to be introduced on Thursday. The new Income Tax Bill has been prepared within six months.
The Finance Secretary said that the new Income Tax Bill has been prepared to replace the six-decade-old Income Tax Act, 1961. No new tax or any new burden will be imposed in the new Income Tax Bill. This bill will also include the changes made in the provisions related to income tax rates, slabs and tax deduction at source (TDS) in the budget of 2025-26. He said that we are not making a big change in the policy either. We do not want to create any unstable situation.
Cumbersome words removed
Pandey said that the new law will be simple. It will not have long sentences, provisions and explanations. He said that laws are not only for legal professionals. Citizens should also understand it. An attempt has been made to simplify the language of the law to help taxpayers understand. The new law has been made concise, it has been made less cumbersome by removing old provisions.
Unnecessary provisions will be removed
It is worth noting that during the budget presented in the Lok Sabha, Finance Minister Nirmala Sitharaman had announced the introduction of a new Income Tax Bill. Officials associated with the Finance Ministry say that the prepared bill will be in accordance with international standards. This will bring a big change in the process related to income tax in the country. Officials said that in the new law, from individual taxpayers to the corporate sector will get rid of unnecessary provisions. This means that notices will not be issued in small matters.
