Finance Minister Nirmala Sitharaman announced a new Income Tax Bill during the Budget speech, which is expected to be tabled in Parliament on February 7, 2025. Sources indicate that the Union Cabinet may approve it on Friday.
Why is a New Income Tax Bill Needed?
The current Income Tax Act, 1961, has undergone multiple amendments, making it complex. The new bill aims to simplify tax laws, ease compliance, and provide clarity for taxpayers.
What Benefits Will Taxpayers Get?
- Simpler and Concise Language for better understanding.
- Reduced Tax Litigation and improved dispute resolution.
- Transparent Tax Administration with fewer ambiguities.
- Aligned with Global Standards for enhanced convenience.
