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.
