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Sources said that the government is likely to introduce the much awaited new income tax bill in Parliament on Thursday (13 February).
Sources said that the proposed law extends over 600 pages and tries to replace the six-post Old Income Tax Act, 1961.
Once passed, the new law will be called the Income Tax Act, 2025, according to sources.
Experts have long criticized the current Income Tax Act as complex and cumbersome, causing legal disputes. The government accepts the need for a well -organized direct tax law to reduce ambiguities and ensure clarity.
Sources indicate that the bill focuses on reducing compliance. The new structure will streamline paperwork, integrate digital platforms, and simplify the returns filing processes, reducing the burden on taxpayers.
The government hopes that the new law to modernize India’s tax system, which makes it more efficient and friendly.
(Tagstotransite) New Income Tax Bill (T) Income Tax (T) Income Tax Act (T) Tax Bill (T) New Income Tax Bill
