New Income Tax Bill on the Horizon!
Finance Minister Nirmala Sitharaman intends to introduce a new income tax bill in the Lok Sabha, revamping the outdated I-T Act. The bill, approved by the Union Cabinet, will undergo scrutiny by a parliamentary committee before becoming law. This marks a crucial step in simplifying and updating India's tax legislation.
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- India
Finance Minister Nirmala Sitharaman announced plans to introduce a new income tax bill in the Lok Sabha next week, aiming to replace the outdated I-T Act of 1961.
Approved by Prime Minister Narendra Modi's Cabinet, the bill will first face scrutiny by a parliamentary standing committee before progressing further in the legislative process.
The initiative is part of a broader effort to simplify tax legislation, reduce disputes, and boost investor confidence in India.
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