New Delhi, 8 February (IANS). Union Finance Minister Nirmala Sitharaman said on Saturday that she hoped that a new income tax bill will be introduced in the coming week, which will go to the Parliamentary Standing Committee of Parliament for investigation.
The new Income Tax Bill being brought to the common man’s hands and simplification of rules has been approved in the cabinet meeting chaired by Prime Minister Narendra Modi on Friday.
In a conversation with the media after addressing the Central Board of Directors of the Reserve Bank in the meeting after the budget, Finance Minister Sitharaman said that when the whole process is completed and Parliament passes it, then the government will decide when the new law is implemented. Will go
The Finance Minister said, “I hope it will be introduced in the Lok Sabha in the coming week. The process is that the committee gives its recommendation, it comes back and then the government decides through the cabinet whether these amendments were made. Have to go. “
He further said, “Only then it goes to Parliament again. Once the Parliament passes, they decide when it would be best to implement it.”
Prior to the approval of the new income tax bill by the cabinet, the people associated with the case had said that after increasing the income tax exemption limit of Rs 12 lakh in the Union Budget, in view of the reduction in the tax, the new law is probably taxed. Will provide guidelines to increase.
Sources say that the current Income Tax Act came into force in 1961. The new income tax bill will be according to the 21st century and will replace the current law.
If sources are to be believed, in the new Income Tax Bill, the government has worked on simplifying the language. Actually, in the Income Tax Act, the interpretation of something in one coat is different, different in the other. That is, this law has become completely like khichdi.
The simplification of this bill can be understood in such a way that there are around 6 lakh words in the old Income Tax Act which will remain close to 3 lakh in this new bill and it will also be easy to understand taxpayers.
— IANS
ABS/