Government to move new income tax bill in Budget session

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Government to move new income tax bill in Budget session

//business-finance.news-articles.net/content/202 .. -move-new-income-tax-bill-in-budget-session.html

Published in Business and Finance on Friday, January 17th 2025 at 18:00 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Finance minister Nirmala Sitharaman plans to introduce a bill for a new direct tax law during the budget session. The focus is on simplifying provisions and making the language more accessible for the common man.

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The Indian government is set to introduce a new Income Tax Bill during the upcoming Budget session, aiming to overhaul the existing tax framework. This legislative move is part of a broader initiative to simplify tax laws, enhance compliance, and boost revenue collection. The new bill is expected to address issues like tax evasion, broaden the tax base, and possibly incorporate changes in tax rates and exemptions. This comes at a time when the government is looking to streamline fiscal policies to support economic recovery post the global health crisis, and to align with international tax practices. The introduction of this bill will likely spark discussions on its implications for individual taxpayers, businesses, and the overall economic landscape.

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[ https://www.msn.com/en-in/politics/government/government-to-move-new-income-tax-bill-in-budget-session/ar-AA1xoNX6 ]