New Delhi. Finance Minister Nirmala Sitharaman can introduce a new income tax bill in Parliament tomorrow i.e. on Monday. Recently, the new income tax bill has been approved in the meeting of the Union Cabinet chaired by PM Narendra Modi. While presenting Budget 2025 on 1 February, Finance Minister Nirmala Sitharaman had said that she will present a new income tax bill in Parliament next week. Through this income tax bill, the government wants to protect income tax payers from unnecessary litigation and other problems. Along with this, provisions of new income tax bills are being made, which will encourage common people to give income tax.
Actually, in 1961, there was a law related to income tax. The way this income tax law was written is not compatible with those who pay income tax. In such a situation, the language of understanding of common people has been written in the new income tax bill. Also, the provisions in the new Income Tax Bill have been reduced to about half as compared to the Income Tax Act of 1961. Finance Minister Nirmala Sitharaman had said in his budget speech about the new Income Tax Bill that this will remove all the inconveniences of those who pay income tax. Also, a new income tax bill has been made that will reduce disputes. The new income tax bill will also bring transparency in direct tax i.e. direct tax cases.
CBDT chairman Ravi Aggarwal had told how the new income tax law will prove to be helpful for the common people.
The Central Board of Direct Taxes i.e. CBDT Chairman Ravi Aggarwal had told the media that the Income Tax Department is now adopting a support for taxes. Earlier the attitude of the Income Tax Department was opposing. Now those who pay income tax are seen from non -intervention and participating perspective. The CBDT chairman had said that acquiring tax cannot be seen separately from the growth in the country’s economy and the two should be coordinated. Let us know that the Modi government already launched the Vishwas Yojana with the controversy. Along with this, the faceless scheme was also launched to settle income tax disputes. Due to this, allegations of corruption in income tax disputes have also stopped.
