Finance Minister Nirmala Sitharaman has announced to bring a new tax bill to promote tax reform. There was a lot of discussion about this. Preparations were being made for this by the Law Ministry. To bring a new tax bill, a completely new draft of the law is to be prepared rather than amending the old law. In this, an attempt will be made to reduce the problems of the common people.
Old income tax law will be abolished
With its passage in the Lok Sabha, the 64-year-old Income Tax Act will be completely repealed. Talking about the current Income Tax Act, it was made in 1964, which has been amended from time to time. The basic structure of this Act remains the same. There are many changes in other forms. If seen before this, along with changing the criminal laws, important steps are going to be taken.
Tax code may be announced
According to the information, the Government of India can completely change its name to Indianize the names. To bring new laws, the name of Income Tax can be changed to Tax Code. This decision has been taken for the convenience of the people so that it will be very easy for people to understand taxable income. If you want to find a way to get exemption from this, then you will not have to take help from a chartered accountant or company secretary.
It is understood that the base of the new tax bill can be declared to be the new tax regime. If seen, it does not include a lot of exemptions and deductions. The new income tax law is expected to be completely different. After reducing the provisions, it is expected to reduce it by 60 percent. After its implementation, it will also be easy to calculate and file tax.
