New Delhi: The government will introduce the new Income Tax Bill in the Lok Sabha on Thursday. Sources say the bill is likely to be sent to a Select Committee for further review. The Union Cabinet approved the bill last week.
Finance Minister Nirmala Sitharaman had earlier stated that the bill would go through a parliamentary committee. The committee will give recommendations, and the government will decide on amendments.
In the July 2024 Budget, the government proposed a review of the Income-tax Act, 1961. The aim is to make the law simple and reduce disputes.
Sitharaman announced the bill in her Budget speech on February 1. She highlighted tax reforms like faceless assessment, faster returns, and the “Vivad se Vishwas” scheme.
The government wants a tax system that trusts taxpayers first and scrutinizes later. The new bill is expected to support this goal.
Experts believe that the new tax bill will introduce clearer guidelines for tax compliance. It may also bring changes in tax slabs, deductions, and exemptions.
Economists suggest that simplifying the tax structure can boost investor confidence. Businesses and individuals may benefit from a more transparent system.
Opposition parties have demanded a thorough discussion before passing the bill. They argue that certain provisions must be examined to ensure fairness and transparency.
If approved, the new Income Tax Bill will replace the existing Income-tax Act, 1961. The final decision will depend on parliamentary deliberations and public feedback.
