The new Income Tax Bill is going to appear in the Lok Sabha on 13 February. This is big news for crores of taxpayers. Now the language of income tax rules is going to change. For this you will have to wait till April 1, 2026. The rules and provisions of the new income tax bill will come into effect from 1 April next year. Income taxpayers are interested in knowing what will change after the implementation of this bill?
These words will be farewell
New Income Tax Bill (New income tax bill) The focus is to make the rules of tax easier. For this, many words used for the last 60 years will be farewell. All those words are being removed which have been considered difficult. For example, the word ‘Financial Year’ will no longer be used. This word will be farewell. The word ‘Previous Year’ will be used instead. The word Assessment Year will not be used. The word ‘tax year’ will be used instead. The word assessment will not be used.
Hope of involvement of cryptocurrency tax rules
CNBC-TV18 has reported that the new income tax bill has 23 chapters and 16 schedules. Tax year will mean the period from April 1 to March 31 next year. There will be a new definition of digital transactions and crypto assets. Till now the government has not submitted tax rules regarding cryptocurrency. In Budget 2023, Finance Minister Nirmala Sitharaman had said that the government will present the rules and laws of crypto currency. However, it has not been introduced yet. This has increased the hope that the new tax bill may have comprehensive rules and provisions of crypto currency.
It will be easy to understand income tax rules
In the media reports, sources have been quoted as saying that short -term capital gains tax rules will not change. In this regard, experts say that the new income tax bill does not have a focus on changing tax rules and tax rates. Its focus is on making the language of income tax rules easier. The use of those words is to stop, which the common man has difficulty in understanding. There is a focus on removing those provisions which are no longer needed. This bill has been tried to make the rules which are complicated.
Also read: Income is worried about being more than Rs 12 lakh? Your tax will be reduced by the announcement of marginal relief in budget 2025
Expected to be implemented from April 1 next year
Sources say that the new income tax bill will be introduced in the Lok Sabha on 13 February. After this it will be sent to the Standing Committee of Parliament on Finance. There will be widespread discussion on this bill. After this, the government will make necessary changes in the draft. Then the government will pass it in Parliament. It will then be implemented from 1 April next year.