Union Cabinet approved the new income tax bill

Union Cabinet approved the new income tax bill.
The new income tax bill will replace the six decades-old I-T Act.
The new bill will reduce the number of sections by almost a third. It will be presented in the Parliament very soon.
This bill is part of the efforts to reform the tax system and aims to overhaul the existing tax structure.
This bill makes income tax laws simpler for taxpayers and will be 50 per cent less in text.
The Bill also aimed to resolve interpretation-related issues arising out of the ambiguity in language.
The tax department wants the Bill to go for public consultation to ensure transparency and gather feedback from taxpayers, businesses, and experts.
Union Finance Minister Sitharaman first announced a comprehensive review of the Income-Tax Act, 1961 in the July 2024 Budget.