The new income-tax bill will replace the existing six-decade old Income-tax Act. The bill aims to simplify the language and implementation of the income tax legislation for taxpayers.
Nirmala Sitharaman, income tax bill, new income tax bill, lok sabha income tax bill, Union Cabinet income tax bill, Indian express business, business news, current affairs
The new income-tax bill has been cleared in the Cabinet on Friday and will be introduced in Lok Sabha in the coming week, after which it will be referred to a parliamentary committee, Union Finance Minister Nirmala Sitharaman said Saturday.
“Yesterday (Friday) the cabinet cleared the new income tax bill proposal. I hope to have it introduced in the Lok Sabha in the coming week. Post that it will go to a committee, and as you know the processes, the committee gives its recommendation, it comes back and then the government through the Cabinet takes a call whether these amendments are to be taken in or some of them or more need to be added,” Sitharaman said.
Once the bill returns to the Parliament, then the government will take a call on its rollout date, she said. “It’s only after that it again goes to the Parliament. So once the Parliament after that passes it, that is when we will decide when best to roll it out. Although you are asking me a question on when it will roll out, I still have three critical stages to pass through,” she said in response to a question on the implementation date for the new income-tax bill during a briefing following the Reserve Bank of India’s board meeting.
The new income-tax bill will replace the existing six-decade old Income-tax Act. The bill aims to simplify the language and implementation of the income tax legislation for taxpayers.
On Thursday, Finance Secretary Tuhin Kanta Pandey had said that the new income-tax bill will not have long sentences, provisos and explanations and will mark a different way of engagement with citizens, with no aim to put any new tax burden. The bill will include the recent changes in income tax rates, slabs and TDS (Tax Deducted at Source) provisions will also be reflected in it, he had said.
In her Budget speech, Sitharaman had said that the government had earlier ushered in Bharatiya Nyaya Sanhita replacing Bharatiya Danda Sanhita. “…and the new income-tax bill will carry forward the same spirit of “Nyaya”. The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation,” she had said.
