New Income Tax Bill: From common man to businessman, what will change?
Preparations are underway to change the Income Tax Act in india, in which the government is going to introduce a new bill to replace the 63-year-old Income Tax Act. If reports are to be believed, Finance minister Nirmala Sitharaman can introduce this new Direct Tax Law in the Budget Session 2025. This new law will not only simplify the existing rules, but it will also include many important changes. Let us know what impact these changes will have on common citizens, businessmen and their businesses.
What can change for the common man?
According to sources, the new Income Tax Act will focus on removing the existing complexities. At present, there are many provisions in the Income Tax Act which are difficult for the general public to understand. Under the new law, these complexities will be reduced and the language will be simplified so that even common citizens can easily understand what they have to do. Apart from this, the tax slab can also be revised in the new law. According to reports, the government is planning to give relief to the middle class, with a possibility of tax cuts for individuals with income up to Rs 15 lakh. This will provide financial relief to the middle class and increase their spending capacity.
The law will be simplified
The structure of tax deductions may also change in the new law. At present, there are many types of deductions, such as Section 80C, 80D etc. But, some deductions may be eliminated or amended in the new law, which will make it easier for taxpayers to plan their taxes.
wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital india can be kept in mind
The new Income Tax Law may emphasize wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital taxation keeping in mind wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital India. The online filing process will be made more simple for taxpayers. Along with this, taxpayers will be able to upload their documents and information online securely.
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