Centre Clears New IT Invoice, To Be Added In parliament Subsequent Week
The Union cupboard on friday accredited The brand new profits tax bill, to be able to replace the six decades vintage I-T Act, assets stated. The brand new invoice seeks to make direct tax law simple to recognize and no longer to impose any new tax burden.
It's going to not have provisos and explanations or lengthy sentences. The cupboard, chaired by prime minister Narendra Modi, authorised the brand new earnings Tax bill, resources stated.
Assets said The brand new profits tax invoice will now be delivered in the parliament next week and might be sent to Parliament's standing Committee on Finance. The primary leg of the continuing finances session ends on february 13. The consultation will reconvene on march 10 and take a seat through april 4. Finance minister Nirmala Sitharaman had introduced in budget 2025-26 that the new tax bill may be added in the ongoing session of Parliament.
Sitharaman had first introduced a complete evaluation of the Income Tax Act, 1961 in the July 2024 price range. The CBDT had installed an inner committee to oversee the evaluation and make the Act concise, clean, and easy to apprehend, with the intention to of lowering disputes, litigations, and offering more tax certainty to taxpayers. Also, 22 specialized sub-committees had been hooked up to study the numerous aspects of the Income Tax Act.
Public inputs and pointers have been invited in 4 categories -- simplification of language, litigation reduction, compliance reduction, and redundant/out-of-date provisions. The earnings tax branch has acquired 6,500 hints from stakeholders on the evaluation of the Income Tax Act.
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