Finance minister Nirmala Sitharaman announced the new Income Tax Bill during the recently introduced FY 2025-26 budget speech. He had said that a new Income Tax Bill would be introduced next week. Now Finance Secretary Tuhin Kant Pandey said on Thursday that this bill will be introduced in Parliament next week. He said that the new Income Tax Bill would not have long sentences, provisions and clarifications. The new Income Tax Bill has been designed to replace the six -decade -old Income Tax Act, 1961.
Discussion may be held on Friday
The new bill is likely to be discussed in the Union Cabinet meeting on Friday. The new bill was announced by Finance Minister Nirmala Sitharaman in her budget speech. The bill will also include changes in income tax rates, slabs and tax deduction (TDS) provisions in the budget of 2025-26. Pandey said at a program of Industry Board PhD Chambers, “When you see a new Income Tax Bill next week, you will see a very different bill. The way we write the law, you are changing. You will not get to see the provision, clarification. “
New bill has been made simplified in reading
Pandey said that no new tax or any new burden of any kind will be put in the new Income Tax Bill. Pandey said, “We are not even making a big change in the policy. We do not want to create any instability situation. The new law will be simple.” The Finance Secretary said, “Laws are not only for legal professionals. It should also be understood by citizens.” The new Income Tax Bill has been prepared within six months and an attempt has been made to simplify the language of the law to help the taxpayers understand. Along with this, the new law has been made brief, the old provisions have been removed and made less cumbersome.
(With PTI/language input)
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