Union Finance Minister Nirmala Sitharaman announced in her budget speech on Saturday that a new income tax bill will be introduced next week.She said that the new tax bill will be simpler and clearer compared to the present Income Tax Act 1967."In respect of criminal law, our Government had earlier ushered in Bharatiya Nyaya Sanhita replacing Bharatiya Danda Sanhita. I am happy to inform...
Union Finance Minister Nirmala Sitharaman announced in her budget speech on Saturday that a new income tax bill will be introduced next week.
She said that the new tax bill will be simpler and clearer compared to the present Income Tax Act 1967.
"In respect of criminal law, our Government had earlier ushered in Bharatiya Nyaya Sanhita replacing Bharatiya Danda Sanhita. I am happy to inform this August House and the country that the new income-tax bill will carry forward the same spirit of “Nyaya”. The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation." she said.
The Minister also announced new income tax rates.
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