New Income Tax Bill be introduced.

 The 63-year-old Income Tax Act will soon be history; When will the new Income Tax Bill be introduced?

Budget Session New Income Tax Bill: The 63-year-old Income Tax Act is likely to become history soon. The new Income Tax Bill will be presented in the Budget Session next week. What changes can be made? Let's find out..

 

The 63-year-old Income Tax Act is likely to become a thing of the past soon. The new Income Tax Bill will be presented in the Budget session next week. In her budget speech, Finance Minister Nirmala Sitharaman made a passing reference to this bill. She has announced that she will present this bill in the Budget session next week. According to sources, a committee of experts has already been formed for this bill. This new law will be in two or three parts. The preparations for this have been going on for the last six months. The government is going to present a bill in this regard. After that, it will be amended after the objections and reactions of the taxpayers and experts. Now, due to this new Income Tax Act, the old law is being considered a thing of the past.

The revised form of the Income Tax Act will be very simple and easy. Its simple form has come out in the form of the new Income Tax Act. The Modi government will introduce the Direct Tax Code (DTC) 2025. The central government will make changes to the Income Tax Act. It will make it simple. It will also work to get individuals, institutions, industries and the government out of various legal messes. Efforts will be made to avoid unnecessary cases being filed.

What will happen after the implementation of DTC

                                             

After the implementation of the Direct Tax Code, there will be many changes. In this, the cases in the Income Tax Act will be reduced. Their number will be reduced. Many old provisions will be deleted. The rules and laws will be amended if they are complicated. The current Income Tax Act 1961 currently has 23 cases and 298 sections. Many of these provisions will be changed. They will be made simple and flexible. This new bill will benefit taxpayers a lot. The complicated system for filing ITR will be eliminated. Tax filing will become more convenient. The process of filing additional applications for tax payment will end. These applications will be made available online. Unnecessary fear and pressure about income tax will be reduced. Efforts are being made to make income tax more and more people-oriented.