New Income Tax Bill: Finance Minister Nirmala Sitharaman announced that the New Income Tax Bill will be introduced in the House next week. This new law will replace the Income Tax Act of 1961 and simplify tax provisions. This will make tax laws easier to understand and reduce legal disputes.
New Income Tax Bill: Finance Minister Nirmala Sitharaman presented her eighth budget on Saturday and said that the new tax bill will be tabled in the House next week. According to reports, direct tax will be changed in 2025. This new law will replace the Income Tax Act, 1961.
The main objective of DTC is to simplify tax provisions, remove unnecessary sections and make its language more intuitive for the common people. Tax experts believe that this will make tax laws easier to understand, reduce legal disputes and make the entire system more convenient for taxpayers than before.
This is the third time that an attempt is being made to redraft the Income Tax Act. Earlier, the Direct Tax Code Bill was introduced in 2010. After this, the Modi government constituted a committee of experts, but their report was not made public and the recommendations were not implemented.
Thousands of provisions are planned to be removed under the new law. Apart from this, sections which are no longer relevant will also be abolished. The committee has been instructed to make the language more simple so that the common citizen can understand it easily. However, the government is not planning to add new subjects to it at the moment.
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