New Income Tax Bill to be concise with nearly 30 percent fewer sections, says report

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New Income Tax Bill to be concise with nearly 30 percent fewer sections, says report

//business-finance.news-articles.net/content/202 .. early-30-percent-fewer-sections-says-report.html

Published in Business and Finance on Sunday, February 9th 2025 at 5:20 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

The Bill has received the Cabinet nod and will perhaps be referred to the standing committee on finance after being presented in the Parliament

The Indian government is set to introduce a new Income Tax Bill in the upcoming Monsoon Session of Parliament, aiming to simplify the existing tax laws. According to a report by The Economic Times, the new bill will reduce the number of sections by nearly 30%, bringing down the total from 298 to about 200. This overhaul is part of a broader initiative to make the tax code more concise and easier to understand, potentially reducing compliance burdens and litigation. The bill will also incorporate changes from recent Finance Acts and judicial decisions, and will include a new section on taxpayer rights. The draft of this bill has been prepared by the Central Board of Direct Taxes (CBDT) and is expected to be presented to the Finance Ministry for approval before being tabled in Parliament.

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