GG News Bureau
New Delhi, 11th Feb. A new Income Tax Bill, promised by Union Finance Minister Nirmala Sitharaman in last year’s Budget, is set to be tabled in Parliament on Thursday, sources told NDTV. The bill aims to simplify the language of tax laws without altering existing tax slabs or reviewing tax rebates.
According to sources, the proposed changes will make the Income Tax Act more concise, clear, and easy to understand, reducing disputes, litigation, and ensuring greater tax certainty for taxpayers.
The Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review, along with 22 specialised sub-committees to examine various aspects of the new law, which will replace the six-decade-old Income Tax Act.
Before drafting the bill, the government sought public input under four key categories—simplification of language, reduction of litigation, compliance ease, and removal of redundant provisions. The Income Tax Department received 6,500 suggestions from stakeholders as part of this consultation process.
Once introduced, the bill will be referred to Parliament’s Standing Committee on Finance for further scrutiny before any legislative action is taken.
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