New Income Tax Bill Set for Monsoon Session Deliberation

The new Income Tax Bill is slated for discussion during the monsoon session of Parliament, as confirmed by Finance Minister Nirmala Sitharaman. The bill, already vetted by the Select Committee, aims to simplify tax laws, reducing litigation and interpretation issues, and is notably shorter and more streamlined than the 1961 Act.

The much-anticipated new Income Tax Bill is poised for a comprehensive discussion in the upcoming monsoon session of Parliament, as Finance Minister Nirmala Sitharaman announced. The bill was initially introduced to the House on February 13 and has since been under the scrutiny of the Select Committee.

The Select Committee is tasked with delivering its report by the first day of the next parliamentary session. Minister Sitharaman confirmed, "We will take it [the new income tax bill] up in the monsoon session." Typically, the monsoon session convenes in July and extends through August.

Key reforms in the new bill include a significant reduction in content, with the word count shrinking to 2.6 lakh words from 5.12 lakh, and a reduction in sections from 819 to 536. The bill also reduces the number of chapters to 23 and tables to 57, aiming to minimize the scope for litigation and interpretation divergences.

(With inputs from agencies.)