New income tax bill: Finance Minister Nirmala Sitharaman said in her budget speech that the government will soon introduce the new Income Tax Bill in Parliament. The new income tax bill is expected to be brought on 6 February. This new direct tax code or new income tax bill to be presented in the budget session will not include any new tax. It will be announced by Finance Minister Nirmala Sitharaman in Budget 2025-26. In an interview to Moneycontrol, Finance Secretary Tuhin Kant Pandey gave this information. He clarified that the new Direct Tax Code Bill is a completely new bill.
Finance Secretary told- what will happen in this new bill
Pandey said, “This is a completely new bill. And the new bill is to be passed. This is a completely new bill. It has been re -written. ” Asked if many additional taxes can be included in the new billPandey said, “There will be no change in (tax rates) as it will be a privilege of tax policy. But it will have major changes. It will change the way of reading, understanding and adding it, as well as non-essential provisions will be removed. All these will be changed. That is, the process of making it simple and rational will be adopted. “
‘There will be many reforms in the new bill’
The new bill has brought many reforms and it will be applicable from April 1. On the amendment of tax slabs and reforms, Pandey said, “This money (tax deduction) through which the government is basically giving decision -making power in the hands of people from the government, there is no problem in this. People, ie taxpayers, We will use this money in any one way – or they will spend it, or save it directly. Given our current economic situation, these three options are beneficial for the country. “
On the expected reforms in the new Direct Tax Bill, Pandey reiterated that the new bill will continue the reforms that have already been implemented, including decimals of crimes. He said, “We have already done some such decimals. So the thing that whatever reforms have been made will be carried forward in a planned manner.”
Can a new code bring a surprise in the form of an increase in capital gains tax or securities transaction tax? On this, Pandey said-
“No, nothing. Tax rates etc. are an annual exercise that is done by the Finance Minister, and there is no change. We are talking about a tax law that enables structure. It states that What to do, and what is not in his speech, this bill will be about half the pages, there will be a lot of consolidation in it.