New Earnings Tax Invoice 2025 To Be Discussed In Monsoon Consultation, Says FM Sitharaman.
The new earnings tax bill can be taken up for dialogue inside the monsoon session of parliament, Finance minister Nirmala Sitharaman stated on Tuesday.
Replying to the discussions at the Finance invoice 2025 inside the Lok Sabha, Sitharaman said the brand new earnings tax bill, which turned into brought inside the residence on february thirteen, is presently being vetted by the pick Committee.
The Choose Committee has been mandated to submit its record by the first day of the next session of Parliament.
"…We will take it (the new profits tax bill) up inside the monsoon consultation," Sitharaman said.
The monsoon session of parliament is typically convened in July and runs through August.
The simplified earnings tax bill, which is 1/2 the scale of the 1961 Income Tax Act, seeks to gain tax actuality with the aid of minimizing the scope of litigation and sparkling interpretation, the earnings tax branch had earlier said.
The new invoice has a phrase counted of 2.6 lakh, lower than 5.12 lakh inside the I-T Act. The wide variety of sections is 536 against 819 effective sections inside the existing law.
The variety of chapters has additionally been halved to 23 from forty-seven.
The income tax invoice 2025 has 57 tables as compared to 18 in the existing act and removed 1,200 provisos and 900 explanations.
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