Amid outcry over Waqf record, Sitharaman tables brand-new Income Tax Bill in Parliament–

Union Finance Minister Nirmala Sitharaman on Thursday tabled the brand-new Income Tax Bill in the parliament.

The brand-new Income Tax expense is implied to streamline the straight tax program and change the Income Tax Act of 1961. It was gotten rid of by the Union Cabinet recently.

Previously, the CNN-News 18 had actually reported that the expense might be described the Parliamentary Standing Committee on Finance for more comprehensive examination.

In her Budget speech, Sitharaman stated that she would certainly present a brand-new revenue tax obligation expense as a affirmation of the “commitment of the tax department to ’trust first, scrutinise later’”. The new income tax bill has been pitched as part of the government’s outreach to the middle class that comprises tax breaks and simplification of tax-collection and filing.

“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,” stated Sitharaman.

Once gone by the parliament, the expense will certainly enter result on April 1, 2026, according to CNBC-TV18.

Sources were reported as pointing that the brand-new Income Tax Bill intends to generate simplicity of conformity as brand-new streamlined regulations will certainly help in reducing conformity procedures by enhancing documentation, incorporating electronic systems, and streamlining return declaring devices.

Among the adjustments, the expense recommends to change the ‘assessment year’ with less complex ‘tax obligation year’, with tax obligation year describing the 12-month duration of the fiscal year beginning April 1, based on the record, which included that the term ‘previous year’ will certainly be changed by ‘financial year’.