New Income Tax Invoices Are Likely To Be Added To The lok sabha Next Week.
New Profits Tax Invoice: Finance minister Nirmala Sitharaman on saturday said that she may introduce the brand new earnings Tax invoice in the lok sabha next week.
The new bill, as a way to replace the six-decade-antique I-T Act, has already been accepted by the Union cabinet, chaired by means of top minister Narendra Modi, on Friday.
"The day passed, the cabinet cleared the brand new income Tax thought; I am hoping to have it added in the lok sabha in the coming week. Post that it'll go to a committee," Sitharaman said in a media briefing after addressing the post-budget normal assembly with the imperative board of directors of the reserve bank of india (RBI).
The bill will again visit the cupboard after the parliamentary committee offers its pointers on it. After cabinet approval, it will once more be introduced in Parliament.
"I still have 3 essential levels to skip through," Sitharaman said to the question concerning the rollout of the new income tax law.
To another question, the Finance minister stated the remaining week's budget assertion on customs responsibility rationalization is a piece that has been on since the last year.
The Finance minister had first introduced a comprehensive review of the Income Tax Act, 1961 in the July 2024 finances.
Finance minister Nirmala Sitharaman, in her 2025-26 price range speech, said the brand new I-T invoice will deliver ahead the spirit of "Nyaja" (justice) based totally on the idea of "consider first, scrutinise later.
"The new bill may be clean and direct in text with nearly half of of the prevailing law, in phrases of both chapters and phrases. It'll be simple to recognize for taxpayers and tax administration, leading to tax actuality and reduced litigation," Sitharaman had said.
As part of a comprehensive assessment of the customs fee structure announced in July 2024 finances, on february 1, 2025, she proposed to dispose of seven tariff rates.
This was over and above the seven tariff charges eliminated within the 2023-24 price range.
There could now be a handiest 8 remaining tariff rates, inclusive of 'the 'zero' rate.
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