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New Income Tax Bill cleared by Cabinet: What is the New Income Tax Bill & why is it being introduced? Explained

The Indian Cabinet has approved the introduction of the New Income Tax Bill, aimed at simplifying the tax structure and promoting economic growth. This bill seeks to replace the existing Income Tax Act of 1961 with a more streamlined and contemporary framework. Key features include a reduction in tax slabs, an increase in the basic exemption limit, and the introduction of a new tax regime where individuals can opt for lower tax rates without exemptions and deductions. The new legislation also focuses on reducing litigation by clarifying ambiguous sections of the old law, enhancing taxpayer services, and leveraging technology for better compliance and administration. The bill is part of broader economic reforms to make the tax system more transparent, efficient, and taxpayer-friendly, thereby encouraging investment and consumption.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/money/economy/new-income-tax-bill-cleared-by-cabinet-what-is-the-new-income-tax-bill-why-is-it-being-introduced-explained/ar-AA1yBE6p ]