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On Monday (July 21), Panda presented the report of the Select Committee on the new Income Tax Bill in the Lok Sabha.
The government is bringing a new income tax bill to make tax laws easier. For the convenience of taxpayers, the number of words of the Income Tax Act has been reduced by about 50 percent to about 5 lakh to 2.5 lakh.
MP and Chairman of the Finance Selection Committee, Bijayant Jai Panda, while talking about this legal change on Tuesday, said that the new draft bill has very easy formulas and tables in the Income Tax Act to make it easier.
No change in tax policy and rates
Panda said, there has been no change in the income tax policy or tax rates in this bill. We did not even think so. At the moment, it was to ensure that the law was simple.
On Monday (July 21), Panda presented the report of the Select Committee on the new Income Tax Bill in the Lok Sabha. The report suggested significant changes to further strict, clarify the definitions related to income tax.
MP and Chairman of Finance Selection Committee Bijayant Jai Panda
What is special in this bill?
A committee of about 150 officers of the Income Tax Department was engaged in this work. It took more than 60 thousand hours to finalize the new bill. 20,976 online suggestions were received to make the income tax bill easy, understandable and remove non-essential provisions.
They were analyzed. It was also consulted internationally. Australia and Britain, who have made such amendments, were also consulted. In 2009 and 2019, documents prepared in this context were also studied.
The new Income Tax Bill was introduced in the Lok Sabha on Thursday, 13 February. The 622 -page bill will replace the 6 decade -old Income Tax Act 1961. The proposed law will be called the Income Tax Act 2025 and is expected to be effective in April 2026.
4 big things about new income tax bill …
In the Income Tax Bill, the assessment year has been replaced by tax ‘year’. The bills of the bill have come down from 823 to 622. However, the number of chapters is only 23. Sections have been increased from 298 to 536 and schedules have also increased from 14 to 16.
Crypto assets will be counted under any undisclosed income, such as cash, bullion and jewelery. This has been done so that digital transactions can also be controlled in a transparent and legal manner.
The bill includes taxpayers charter, which will protect the rights of tax payers and make the tax administration more transparent. This charter will protect the interests of taxpayers and will also clear the rights and responsibilities of the tax authorities.
Salary related cuttings, such as standard deduction, gratuity and leave encashment have now been listed at the same place. The difficult expansion and provisions in the old law have been removed, which will make it easier for taxpayers to understand.
Tax free earnings up to 12 lakh rupees
The budget presented on 1 February gave great relief regarding income tax. Under the New Tax Period, no tax will have to be paid on earnings up to Rs 12 lakh. This discount will be Rs 12.75 lakhs with standard deductions of 75 thousand for employed people. The slab of the New Tax Regyve has also been changed. There has been no change in the old tax regime.
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The new income tax bill has been introduced in the Lok Sabha today i.e. on Thursday, February 13. The 622 -page bill will replace the 6 decade -old Income Tax Act 1961. The proposed law will be called the Income Tax Act 2025 and is expected to be effective in April 2026.
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