The Narendra Modi government at the Center is preparing to provide big relief to the employed people in the upcoming Parliament budget session. The government is planning to introduce a new Income Tax Bill, which aims to simplify the current Income Tax law, make it understandable and reduce the number of pages by about 60 per cent. This step will be a relief for taxpayers, because with this they will be able to easily understand the aspects related to income tax.
What is the plan?
According to a source, the new income tax law will be introduced in the budget session of Parliament. This will not be an amendment to the existing law, but a new law. Currently, the draft of this law is under consideration by the Law Ministry and it may be introduced in Parliament in the second part of the budget session.
organizing committee
Finance Minister Nirmala Sitharaman had announced in the July Budget that there would be a comprehensive review of the Income Tax Act, 1961. CBDT has constituted an internal committee for this review, the objective of which is to make the Act concise, clear and easy to understand. This will reduce disputes and litigation, as well as provide greater tax certainty to taxpayers. 22 special sub-committees have also been set up to review various aspects of the Act.
budget session dates
The budget session will run from January 31 to April 4. Its first part will be held from January 31 to February 13, in which President Draupadi Murmu will address the joint session of the Lok Sabha and the Rajya Sabha. After this the Economic Survey for 2024-25 will be presented. The Union Budget for the financial year 2025-26 will be presented on February 1. Parliament will reconvene on March 10 and run till April 4.
With this proposed new Income Tax Bill, employed people are expected to get relief, so that they will be able to handle their financial matters in a better way.
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