New Income Tax Bill - Business Outrank

The new income tax bill will be read for the first time during the monsoon session of parliament, Nirmala Sitharaman confirmed on Tuesday. The bill was tabled in the Lok Sabha on February 13 and is now with the Select Committee which has been asked to submit its report by the first day of the next session. The monsoon session which is usually held between July and August will consider the New Income Tax Bill which is meant to simplify tax laws and reduce legal uncertainties. The Finance Ministry has called the bill a big reform, which has simplified the tax laws and reduced the level of certainty that an individual or a business needs to face. The proposed legislation is much shorter than the previous Act, with a word count of 2.6 lakhs. The number of sections has also been reduced to 536 from 819 and the chapters have been reduced to 23 from 47. It also has 57 tables which is an increase from the 18 tables in the current law. That is because some provisions have been removed including 1,200 provisos and 900 explanations. The New Income Tax Bill has been put in place to simplify the tax system and make it more transparent and efficient. The government has expressed its desire to reduce the level of ambiguity in tax laws in order to decrease controversies and enhance compliance. In the build up to the monsoon session, this important reform will be high on the agenda and taxpayers and industry experts will be watching closely.

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