New Income Tax Bill Sparks Complexity Concerns Amid Proposed Reforms

Congress MP Manish Tewari criticizes the new Income Tax Bill for its complexity, contradicting Finance Minister Sitharaman's claims of simplification. With over 500 sections and 14 schedules, it surpasses the previous bill. The government plans comprehensive consultations and parliamentary scrutiny as part of its ongoing tax reforms.

Congress MP Manish Tewari criticized the proposed new Income Tax Bill on Thursday, arguing that it is more complex than past legislation despite claims by Union Finance Minister Nirmala Sitharaman of simplification.

Tewari highlighted the increase in sections and schedules, comparing the new bill's over 500 sections and 14 schedules to the previous bill's 296 sections and 5 schedules. He expressed concerns that the bill, slated for introduction in the Lok Sabha, fails to achieve the promised simplification.

The Centre aims for detailed consultations and plans to refer the bill to a Select Committee for further examination. While the Union Cabinet cleared the proposal, Sitharaman emphasized the importance of scrutiny, noting prior reforms aimed at taxpayer convenience. Her earlier budget address recommitted to reducing disputes and litigation in tax matters.

(With inputs from agencies.)