New Income Tax Bill:- The New Income Tax Bill announced by Union Finance Minister Nirmala Sitharaman is likely to be introduced in the Lok Sabha tomorrow, i.e. Thursday, February 13. Earlier, Nirmala Sitharaman had announced the introduction of the New Income Tax Bill during her budget speech on February 1. Finance Minister Nirmala Sitharamantalkedd about this new bill during the budget presentation on February 1.
According to the information, after this new bill is introduced, it will be sent to the Lok Sabha’s Select Committee for detailed discussion. A copy of the bill has been sent to the Lok Sabha members. Last Friday, the Union Cabinet meeting approved the New Income Tax Bill. Union Finance Minister Nirmala Sitharaman will present this bill.
Filing tax returns will be easier.
With the enactment of this bill, filing income tax returns will become much more manageable. The New Income Tax Bill will replace the existing Income Tax Act 1961.
What changes will the new income tax bill bring?
The main objective of this new Income Tax Bill is to simplify the tax system, making it transparent and convenient. This will provide more relief to the ordinary people.
The new system will be more straightforward by eliminating complex tax rules. Exemptions and deductions available to save tax will also be rationalized. Filing tax returns and other processes will also be more concise. A new system will also be implemented to resolve tax-related matters quickly. New rules will be added, keeping online transactions and digital business in mind.
Changes in tax slab
There is no tax on income up to Rs 4 lakh:-
From 4 lakh to 8 lakh – 5% tax
From 8 lakh to 12 lakh – 10% tax
From 12 lakh to 16 lakh – 15% tax
From 16 lakh to 20 lakh – 20% tax
From 20 lakh to 24 lakh – 25% tax
On income above 24 lakh – 30% tax