Cabinet decisions
Cabinet Decisions: The Union Cabinet on Friday approved the new Income Tax Bill, which will replace the six -decade -old IT Act. The new bill is an exercise to make it easier to understand the direct tax law and not put any new tax burden. There will be no provision and clarification or difficult sentences. Sources said that the cabinet headed by Prime Minister Narendra Modi has approved the new Income Tax Bill. He said that the new Income Tax Bill will now be introduced in Parliament next week and will be sent to the Standing Committee on Finance of Parliament. The first phase of the current budget session of Parliament ends on 13 February. The session will start again on March 10 and will run till April 4.
Announcement was made in the budget
The new bill was announced by Finance Minister Nirmala Sitharaman in her budget speech. The new Income Tax Bill, which replaces the six-decade-old Income Tax Act 1961, will make the direct tax laws easier to read, remove ambiguity and reduce litigation. The new Act will be free from all the amendments and currents that are no longer relevant. Also, the language will be such that people can understand it without the help of tax experts.
8,800 crore approval for ‘Skill India’ program
The Union Cabinet approved the ‘Skill India’ program to continue and restructuring by the year 2026 with a outlay of Rs 8,800 crore. Information and Broadcasting Minister Ashwini Vaishnav gave information about this decision taken in the Union Cabinet meeting. Vaishnav said that the cabinet approved the outlay of Rs 8,800 crore for continuing the ‘Skill India program’ by 2026 and its restructuring. According to an official release, this approval underlines the government’s commitment to create a efficient, future workforce by integrating demand-operated, technology-competent and industry-friendly training across the country. Pradhan Mantri Kaushal Vikas Yojana 4.0 (PMKVY 4.0), Pradhan Mantri National Trainee Incentive Scheme (PM-NAPS) and Public Education Institute (JSS) Yojana have now been added under the Composite Central Area of ’Skill India Program’.
(With PTI/language input)
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