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New Income Tax Bill: The new Income Tax Bill can be approved in the cabinet meeting to be held on Friday 7 February 2025, after which the bill can be introduced in the Lok Sabha next week. Finance Minister Nirmala Sitharaman, while presenting the budget of February 1, 2025, announced to introduce the bill related to the new income tax in Parliament.
While presenting the budget, Finance Minister Sitharaman had said that in relation to the criminal law, our government had launched the Indian Justice Code in place of the Indian Penal Code. Now I am happy to tell this House and the country that the new Income Tax Bill will take the same sense of justice forward. In terms of new bill text, both chapter and words will be clear and direct with about half of the current tax law. It will be easy to understand this for taxpayers for taxpayers, which will increase tax certainty and decrease in litigation.
The Finance Minister said, in the last 10 years, our government has implemented facilities for taxpayers for facilities for taxpayers, taxpayers charter, boom in income tax returns, 99 percent returns and confidence scheme from dispute through self assessment. Continuing this efforts, the tax department’s tax department’s tax department reiterates the commitment of “first trust, check later”. I propose to introduce a new Income-tax bill next week.
The new income tax bill will be introduced in Parliament after getting approval from the cabinet. This bill will replace the current Income Tax Act 1961. The aim of the new income tax law is to make the tax process more simple and easy. Income tax law is going to be made for the first time since 1961. The CBDT committee is also working on the new law. However, in the last six decades, many times income tax has been amended from time to time. Questions are being raised in the minds of taxpayers that what can happen in the income tax bill?
What can happen in the new tax bill?
The new income tax bill can be made very simple and easy, which taxpayers can easily understand. It can be very easy for taxpayers to make income tax return fileing in the coming days. The central government is preparing to make the Income Tax Return Filing rules very easy and simplified. The government is extremely worried about increasing tax disputes and is under disputes equal to a value of about $ 120 billion. There is a preparation to reduce it through the new tax law. In the new income tax bill, the practice of saying financial year and assessment year will be changed under tax laws and it will be defined only as a tax year. Apart from this, the number of additional forms will be reduced to file tax returns. The Finance Minister has asked the taxpayers to make the language of the notice sent by the department to make the taxpayers easily understand and the tax department does not have to hire lawyers to respond.
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