India News | New I-T Bill Not to Have Provisos, Explanations; May Come Up in Cabinet on Friday
Get latest articles and stories on India at LatestLY. The new income tax bill, to be introduced in Parliament next week, will not have long sentences, provisos and explanations, Finance Secretary Tuhin Kanta Pandey said on Thursday.
New Delhi, Feb 6 (PTI) The new income tax bill, to be introduced in Parliament next week, will not have long sentences, provisos and explanations, Finance Secretary Tuhin Kanta Pandey said on Thursday.
The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said.
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The new bill, which was announced by Finance Minister Nirmala Sitharaman in her Budget speech, will also incorporate the changes made in income tax rates, slabs and in TDS provisions made in the Budget for 2025-26.
"When you see next week a new income tax Bill, you will see a very different Bill. The way we write laws is undergoing a change… You will see very less of those long sentences you will not see probably the proviso, explanations….," Pandey said at a PHD Chambers event here.
Pandey said the new bill will not put any new taxes, or any new burden.
"We are also not changing policy in a big way. We do not want to create any unstable situation," Pandey added.
The new law would be simple. "Laws are not supposed to be meant for only legal professionals. It is for citizens to understand," Pandey added.
The new income tax bill, which will replace the Income Tax Act, 1961, has been drafted within 6 months and efforts have been made to simplify the language to help taxpayers understand. Also, the new law has been made concise, removing old provisions thereby making it less bulky.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)