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The Finance Ministry is unlikely to introduce the much-anticipated new Income-Tax Bill during the upcoming Budget session of Parliament. However, the internal committee led by Chief Income-Tax Commissioner V.K. Gupta, tasked with reviewing the current Income-Tax Act, is expected to submit its report
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FAQ :
No, the Finance Ministry is unlikely to introduce the new Income-Tax Bill during the upcoming Budget session of Parliament.
An internal committee, led by Chief Income-Tax Commissioner V.K. Gupta, is reviewing the current Income-Tax Act and is expected to submit its report before the FY26 Budget presentation.
The overhaul aims to make the Income-Tax Act concise, lucid, and easier to understand, while reducing disputes and litigation and enhancing tax certainty.
The committee is considering simplifying TDS and TCS systems, eliminating redundant TDS certificates, and consolidating penalty provisions.
The committee is exploring a comprehensive Schedule of Rates, similar to the Customs Tariff Act, to replace the current scattered provisions governing TDS and TCS.
With Form 26AS providing a comprehensive digital record of tax deductions, the issuance of physical TDS certificates is considered outdated and its elimination is expected to reduce compliance burden.
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