Big update on new income tax bill, Bill can be introduced in Parliament on this day

New Income Tax Bill: Now soon you will not need to run to any chartered accountant, company secretary or any tax practitioner or lawyer to understand your liability in income tax. It will be so easy that you will understand at a glance and calculate income tax according to your income and will be able to file ITR. India’s income tax law is going to change after 64 years.

Examples and deduction will not be full

According to the report of the Indian Express, Minister Nirmala Sitharaman can present it in the Lok Sabha on Monday. Prime Minister on Friday Narendra Modi It was given the green signal in the union cabinet meeting chaired by According to media reports, the new Income Tax Act will not have an abundance of examples and deductions under the Income Tax Act of 1961. Its tax slab is likely to be made in a very easy way. There will also be no complication in filing it. Even it will have half the pages and sections in it. The new income tax law will not be amended or improved by the earlier law, but it will be a completely new law.

In this, more trust will be instructed for tax officers than monitoring. According to both language and adoption, the new income tax law will be very easy for tax payers. Finance Secretary Tuhin Kant Paday has said that new tax law will not put any new tax on anyone. This time the changes that have been brought under the income tax slab in the budget will reflect it completely.

The assessment year will not run.. tax year will run

After the new tax law comes, the earlier terminology will change completely. Many old words will change completely. It is being said that after its implementation, the assessment year will not be called. After that only the tax year will be called. Similarly, there is talk of changing more words.

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