New Income Tax Bill: Nirmala Sitharaman introduced the new income tax bill to Parliament amid uproar from the opposition. The bill was also passed after being introduced in the Lok Sabha. The government aims to make a new tax law with some significant changes.
Many such changes will also help ordinary people understand income tax law. The new tax law will also be considerably shorter. It has also been recommended that unnecessary words from British rule be removed. The article below explains what benefits and changes will be available for taxpayers after this bill.
The aim is to make the law simple.
The central government wants to simplify the new income tax law so that ordinary people can also understand it. About 3 lakh words will be removed from the vocabulary, making the law more understandable. This will help ensure better compliance and make the tax system transparent.
The law will remain 622 pages long.
The central government has introduced a new Income Tax Bill in place of the Income Tax Act 1961, the old Law. The new bill has Lawen removed and will have 622 pages of sections. It will be known as Income Tax Law5.
Unnecessary provisions removed
The government introduced the bill and discussed removing unnecessary provisions. Now, the law has become more relevant, which will decrease the number of disputed cases and resolve instances soon. The new bill also seems more transparent and more straightforward for ordinary people.
The new bill will be known as ‘Tax Year.’
The new Income Tax Bill will be known as the Tax Year. Previously, it was known as the Assessment. The tax year will be from April 1 to March 31.
Know what will happen to the old tax regime?
The central government is now working to promote the new tax regime. The old tax regime will also continue. Finance Minister Nirmala Sitharaman has already said that the government has no intention of abolishing the old tax system.