Income Tax Bill: If you were waiting for a new announcement on income tax. So there is update to you. Finance Minister Nirmala Sitharaman has announced in the budget speech that the government is going to introduce a new income tax bill next week. He said, “I propose to bring the Income Tax Bill next week.”
Old tax law will have a new form
Let us tell you that Sitharaman had announced in July that the Income Tax Act of 1961 will be fully reviewed. Now the time has come to fulfill that promise.
What will happen new?
To complete this work, CBDT (Central Direct Tax Board) formed a special team, whose mission was – making the old law shorter and easy. Under this, 22 special sub-camets were made, who investigated every aspect of the Tax Act in depth.
What is the purpose of the bill?
The government wants the new tax law to bring less controversy, less litigation and more clarity. This will make it easier for taxpayers to understand the rules and will be able to collect tax without any confusion.
Now it will have to be seen how much relief and how many new opportunities brings for the general public. From taxpayer to business sector, everyone is eagerly waiting for this bill to come.