Sun Feb 02 08:26:49 UTC 2025: **New Income Tax Bill to be Introduced in Indian Parliament Next Week**
NEW DELHI, Feb 2, 2025 – India’s Finance Minister Nirmala Sitharaman announced that a new Income Tax bill will be introduced in Parliament next week. Speaking to the media following the budget presentation, Sitharaman described the bill as a reflection of the spirit of justice and a significant reform. The new bill aims to replace the 1961 Income Tax Act, streamlining the process and reducing ambiguities.
The minister highlighted that the new bill simplifies the existing legislation, reducing the number of chapters and clauses by more than half. This simplification is intended to make the tax code easier to understand and reduce the potential for disputes and litigation. The government claims to have incorporated feedback from 6,500 stakeholders in drafting the bill.
Sitharaman expressed confidence that the bill will be passed smoothly and confirmed that it will also be referred to a standing committee for further scrutiny. The bill’s adoption of a “trust first, verify later” approach was also mentioned.
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