The news agency PTI, citing sources, stated that the new Income Tax Bill, which aims to simplify the laws related to direct taxation, was approved by the Union Cabinet.
After Finance Minister Nirmala Sitarman, it comes after presenting the 2025 Union Budget on Saturday, said that the income tax bill will be introduced in the coming week.
The bill was approved in the cabinet meeting chaired by Prime Minister Narendra Modi, the persons told the news agency for development. He said that the law would be introduced in Parliament next week, and later on finance will be sent to the Standing Committee of Parliament.
The purpose of the law, which will require approval from the Parliament and assurance to be implemented as a law from the President, is to bring the provisions small and crisp and bring the comprehensive reforms in the current Income Tax Act.
The income tax bill was approved by the cabinet, before the people told NDTV benefits that the law had provided the direction to widen the tax net, in view of the contraction in the tax base, 12 lakhs after the exemption limit Budget is being raised in rupee.
(Tagstotranslet) new income tax bill
