Decades old income tax rules are going to change. Now you will not get to hear many such words, which you have been hearing for years. On February 7, this evening, the new income tax bill will get the approval of the Union Cabinet. Then Finance Minister Nirmala Sitharaman can present it in the Lok Sabha on 10 February. After that it should be sent to the Standing Committee of Parliament related to Finance. The Standing Committee will consider it extensively.
The terminology of income tax rules will change
New Income Tax Bill (New income tax bill) When the implementation of the income tax rules will change. You will not get to hear many such words, from which you have been hearing for a long time. For example assessment year (Assessment yearNow the tax year instead of (Tax year) It will be used. Currently, Assessment Year and Financial Year are very much used in income tax rules. Financial year means the financial year for which you pay tax. Assessment year means from the financial year in which you pay tax. Many people are confused to understand the meaning of assessment year and financial year.
It will not take long to give relief to taxpayers
The second major change is going to come that the government will not have to amend the Income Tax Act to make many provisions of income tax such as deduction or rebate. The government will be able to make such changes in lieu of executive order. This means that the government will be able to take decisions to deduction and rebate according to the need. This also means that the government will not have to use the union budget to give relief to the taxpayers. Currently, the government announces a change in income tax rules in the union budget.
The common man will not have any problem in understanding the rules
Sources say that after the implementation of the new income tax bill, many such words of the British era will stop using, which have been being used for more than 60 years. There are many such English words in them, from which the entire sentence becomes cumbersome. Apart from this, the language used in income tax rules is quite complicated. Quite complex words and methods are used to say things. Due to this, these rules and provisions are not understood by the common man. It is not interested in understanding these rules of common people.
Government’s revenue will increase
Finance Secret Tuhin Kant Pandey has indicated about this. He said on 6 February that the use of long sentences in the new income tax bill has been saved. It is believed that due to the language of income tax rules, the interest of taxpayers will increase in them. This will also increase the compliance. There will be a decrease in cases of tax disputes. This will increase the revenue of the government. According to the government’s data, the number of disputed income tax cases is more than 2 crore. About 31 lakh crore rupees are stranded among them.