Quick Summary
Finance Minister Nirmala Sitharaman on Thursday dismissed claims that the new Income Tax Bill is merely a mechanical revision of the existing law. Introducing the Bill in the Lok Sabha, she urged Speaker Om Birla to constitute a Select Committee to examine it, with a report expected by the Monsoon Session. Despite opposition from the TMC and Congress, the Bill, once enacted, will replace the Income Tax Act of 1961. Why a New Bill? The 1961 Income Tax Act, effective from April 1, 1962, has un
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FAQ :
The main goal of the new Income Tax Bill is to provide clarity and simplification to income tax laws, making them more comprehensible and accessible for taxpayers.
The new Income Tax Bill, once enacted, will replace the Income Tax Act of 1961.
Key reforms include eliminating complex cross-referencing, consolidating related provisions, removing the concepts of 'previous year' and 'assessment year', and using more tables and user-friendly language.
The Bill will use more user-friendly language, move away from jargon, and employ significantly more tables (57 compared to 18) to make tax provisions easier to understand and reference.
The new Bill eliminates the concepts of 'previous year' and 'assessment year', aligning the reporting period with the financial year to reduce taxpayer confusion.
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