The New Income Tax Bill, readied to exist in Parliament on Thursday, February 13, will certainly cover over 622 web pages and intends to change the six-decade-old Income Tax Act of 1961. Once passed, the recommended regulation will certainly be called the Income Tax Act, 2025, and is anticipated to work in April 2026.
Experts have actually long slammed the existing Income Tax Act for being complicated and difficult, causing various lawful conflicts. The federal government has actually identified the demand for an extra structured straight tax obligation regulation to minimize uncertainties and supply better clearness.
The Union Cabinet recently removed the brand-new Income Tax expense.
Sitharaman had actually claimed in her budget plan speech on February 1 that the expense will certainly be quickly presented in Parliament.
“Over the past 10 years, our Government has implemented several reforms for convenience of tax payers, such as (1) faceless assessment, (2) taxpayers charter, (3) faster returns, (4) almost 99 per cent returns being on selfassessment, and (5) Vivad se Vishwas scheme. Continuing these efforts,I reaffirm the commitment of the tax department to ” trust fund initially, inspect later on. I likewise suggest to present the brand-new income-tax expense following week,” she said in the budget speech.
In July 2024 Budget, the federal government had actually recommended a thorough testimonial of the Income- tax obligation Act, 1961. The objective was to make the Act succinct and lucid and minimize conflicts and lawsuits.
