New Income Tax Bill on the Horizon!

Finance Minister Nirmala Sitharaman intends to introduce a new income tax bill in the Lok Sabha, revamping the outdated I-T Act. The bill, approved by the Union Cabinet, will undergo scrutiny by a parliamentary committee before becoming law. This marks a crucial step in simplifying and updating India's tax legislation.

Finance Minister Nirmala Sitharaman announced plans to introduce a new income tax bill in the Lok Sabha next week, aiming to replace the outdated I-T Act of 1961.

Approved by Prime Minister Narendra Modi's Cabinet, the bill will first face scrutiny by a parliamentary standing committee before progressing further in the legislative process.

The initiative is part of a broader effort to simplify tax legislation, reduce disputes, and boost investor confidence in India.

(With inputs from agencies.)