1961 Finance Minister Nirmala Liratils on Thursday presented the new income tax bill on Thursday to simplify the current Income Tax Act.
The act of regular taxpayers' complexity and difficulties have been criticized. The proposed new Bill has 23 chapters, 23 sections, 4 chapters, 14 chapters, 14 chapters and 298 sections compared to the previous Act.
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The bill will refer to the Standing Committee of Parliament on Finance, which will initiate the consulting process.
“FM There are 819 sections as available today.”
She said: “We will bring income tax services to 536 divisions. The income tax bill is made of significant changes to the income tax.”
MP Congress MPs recently criticize the recently criticizing the proposed income tax bill, declaring that it is more complex than the present law.
FM Separates, on the other hand, modifications should not be significant, and not to match the surface and protected this bill.
BJP, a recently introduced income tax bill, recently introduced to the ability to transform the direct tax system in India. Sileyya praised the member glory.
The center said the simplifying exercise was conducted by three basic principles:
> Text and structural simplification for improved clarity and cozy.
> A major tax policy is not changed to ensure integrity and specificity.
> Defending Tax Rates Changes, Protection of Predictions for Taxpayers.
Followed a three-ancient approach:
> Removal of complex language to improve reading ability.
> Removal of surplus and recurrent provisions for better navigation.
> Reorganizing sections for easying to facilitate shares.
Counseling and Research Based Access
The government ensured the examination of taxpayers, business, industry associations and professional organizations, ensuring widely opposed by the government. In 20,976 Relevant proposals, the relevant proposals were inspected and incorporated. Industry experts and the simple-scale models of the Australia and the UK were advised for the best uses.
Quality improvements
Simple language, making the law more accessible.
Confirmation of fragmentation
Removal of outdated and excess provisions for more explanation.
Terrorist rationalization through tables and formulas for improved reading.
Protecting existing taxation principles, ensure integrity in improving the ability to use.
Here are the main highlights (depending on the draft bill)
Among many changes, the concept of 'Assessment Year' and the concept of 'Valuation' and the 'Tax Year', is the concept of 'Valuation Year' and the 'Tax Year', among the concept of 'Valuation Year' and the concept of 'Tax Year' aimed at regulating taxpayers' understanding.
TDS compliance has been trying to simplify to one accountability with easy tables easy to read all the TDS related parts. The new bill, including standard reduction, bonus, acquisition, removes the need to navigate through multiple parts and rules and rules.
The new bill is undoubtedly free of undeserved explanations or clauses, which can be more accessible and understandable. In addition, the use of the word 'absentee' in the Income Tax Act 1961 has been removed in the New Act and has been replaced with 'ignored' in many cases. The brief sentences of the bill include concise sentences and includes tables and formulas to improve their reading ability.
If the Bill has been approved, the updated tax system will be implemented from the financial year of the financial year.
Virtual digital assets have been suggested as part of the capital's capital assets of the revenue tax bill, which includes various provisions, such as the tax (TDS), a sub-ratios and a table format.
The Income Tax Act to visit the official Lok Sabit will soon be available. Please visit, please visit the Bill, as well as the world Sansad.in/ls/legisseing/bills.
The Upcoming Income Tax Act is shorter than the current Income Tax Act, and is a more concise and easy-to-understand document for taxpayers. By the year 2021, the formal new bill consists of 622 pages of 623 pages on page 1961, and will provide a more user friendly guide to surfing tax laws.
To relieve confusion, the year year is now called the tax year. In addition, the newly established businesses, from the date of establishment of the Tax Year, starts to simplify financial reporting processes.
The 44AE, 44Ae and 44Ae and 44Ae and 44Ae and 44Ae and 44Ae and 44Ae and 44ADA are the long-standing controversy around 44AD, 44Ae 44. To improve the profit calculation, the “concept” concept is known to be made to improve the taxable income. “
The proposed bill includes updates to the structure, and provides encouragement to digital transactions while maintaining the familiar tax regulations. It also includes providing funds for providing funds for business relief for businesses with up to Rs. This change can be easily combined to the current bill.
The current durations will be unchanged for the filing the return bill. This will give taxpayer stability and certificate.
In addition, no changes to any modification of income is classified through various sources.
However, its objective is to remove more than 300 papers.
The new legislation is scheduled to be implemented on April 1, 2026. As a result, the existing income tax bill should be complied with the current income tax bill of 2025-26 and is required to file up to March 2026.
Management Budget session
The Lok council is presided over March 10, 2025. The second phase of the budget session will be returned from March 10 to April 2025.