New Income Tax Bill to Be Introduced in Budget Session

Union Finance Minister Nirmala Sitharaman is set to introduce a new Income Tax Bill during the upcoming Budget session. The proposed bill aims to replace the existing Income Tax Act of 1961 with a simplified and more comprehensible version.

The current Income Tax Act comprises 298 sections and 23 chapters, making it complex for taxpayers to navigate. The new legislation is expected to streamline tax regulations and ensure better compliance.

The Budget session of Parliament is scheduled to take place from January 31 to April 4, where this significant reform will be discussed, marking a potential shift in India's tax framework.