Quick Summary
Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill in the Lok Sabha on February 13, 2024, marking a major step towards overhauling India's tax laws. While the Bill does not propose changes to income tax slabs or the capital gains tax regime, it focuses on simplifying tax provisions and making compliance easier. What's Next for the Income Tax Bill? The Bill has been referred to a Select Committee, which will submit its report by the first day of the Monsoon Session. If pas
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FAQ :
Section 80C, which allows deductions for investments like PPF, ELSS, and tax-saver FDs, has been renumbered to Clause 123 in the new Income Tax Bill. The deduction limit of ₹1.5 lakh per year remains the same.
If passed, the new Income Tax Bill is expected to come into effect from April 1, 2026.
No, the new Income Tax Bill does not propose any changes to income tax slabs or the capital gains tax regime.
The primary goal of the new Income Tax Bill is to simplify tax provisions, make compliance easier, and streamline the tax law by removing redundant provisions and using simplified language.
Yes, the new Income Tax Bill contains 536 sections, an increase from the current 298 sections, but it has also removed redundant provisions to make the law more streamlined.
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