Cupboard Clears New I-T Invoice; to be introduced in parliament next week
The Union cabinet on friday authorized the brand new income Tax invoice, if you want to replace the six many years antique I-T Act, sources said.
The new invoice seeks to make direct tax law easy to recognize and now not to impose any new tax burden.
It'll no longer have provisos, reasons, or long sentences.
The cabinet, chaired by prime minister Narendra Modi, authorised the
New Profit Tax Bill
, sources said.
Sources stated that the new earnings tax invoice will now be delivered in parliament next week and may be dispatched to Parliament's Standing Committee on Finance.
The primary leg of the continued price range consultation ends on february thirteen. The session will reconvene on march 10 and sit through april 4.
Finance minister Nirmala Sitharaman introduced in finances 2025-26 that the brand new tax invoice will be introduced in the ongoing session of Parliament.
Sitharaman had first introduced a comprehensive review of the Earnings Tax Act, 1961 within the July 2024 price range.
The CBDT had installed an inner committee to supervise the assessment and make the Act concise, clear, and smooth to recognize, with a view to reducing disputes, and litigations, and providing greater tax truth to taxpayers. Also, 22 specialized sub-committees have been established to review the numerous components of the Earnings Tax Act.
Public inputs and suggestions have been invited in 4 classes: simplification of language, litigation discount, compliance discount, and redundant/out-of-date provisions.
The earnings tax department has obtained 6,500 hints from stakeholders at the review of the Income Tax Act.
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