The government can introduce a new Income Tax Bill in the upcoming budget session of parliament, which aims to simplify the existing income tax law, make it understandable and reduce the number of pages by about 60 percent. Actually, the income tax law which is there at present is a bit complicated and the number of its pages is so much that a common man's head can spin in understanding and reading it. For this reason, the government can take this decision to simplify the income tax law. Let us tell you, in the July budget, Finance minister Nirmala Sitharaman had announced a comprehensive review of the six-decade-old Income Tax Act, 1961 within six months.
What is the complete information?
According to a news published on PTI, a source said that the new income tax law will be introduced in the budget session of Parliament. It will be a new law, not an amendment to the existing law. Currently, the draft law is being considered by the Law Ministry and it can be introduced in parliament in the second part of the budget session.
Let us tell you, the budget session will run from january 31 to april 4. The first part (January 31-February 13) will begin with President draupadi murmu addressing the joint session of the lok sabha and Rajya Sabha, after which the Economic survey for 2024-25 will be presented. The Union Budget for the financial year 2025-26 will be presented on february 1. After this, parliament will resume on march 10 and will run till april 4.
What will be the benefits of the new tax law?
After the budget announcement by Finance minister Sitharaman for a comprehensive review of the Income Tax Act, 1961, the CBDT had constituted an internal committee to oversee the review and make the Act shorter, clearer and easier to understand. This will reduce disputes, litigation and provide more tax certainty to taxpayers. Apart from this, 22 special sub-committees have also been formed to review different aspects of the Act.
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