New Income Tax Bill proposes key changes: 23 chapters, 16 schedules, and taxpayer's charter

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New Income Tax Bill proposes key changes: 23 chapters, 16 schedules, and taxpayer's charter

//business-finance.news-articles.net/content/202 .. hapters-16-schedules-and-taxpayer-s-charter.html

Published in Business and Finance on Wednesday, February 12th 2025 at 19:21 GMT by cnbctv18
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Sources indicate that the bill focuses on easing compliance. The new framework will streamline paperwork, integrate digital platforms, and simplify return filing procedures, reducing the burden on taxpayers.

The article from CNBC TV18 discusses the new Income Tax Bill, which has been passed by the Lok Sabha and is set to replace the existing Income Tax Act of 1961. This new legislation, comprising 23 chapters and 16 schedules, aims to simplify and modernize the tax system in India. Key features include the removal of outdated provisions, the introduction of a new tax regime with revised tax slabs, and the incorporation of recent amendments like the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. The bill also addresses the taxation of digital assets, clarifies tax exemptions, and provides a framework for handling tax disputes. The new Act is scheduled to come into effect from April 1, 2026, giving taxpayers and businesses time to adapt to the changes.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/personal-finance/new-income-tax-bill-act-23-chapters-16-schedules-table-april-2026-19557196.htm ]

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