Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
After introduction in the Upper House, the bill will be sent to a parliamentary standing committee for scrutiny.
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the bill on Friday.
“Yesterday, the Cabinet cleared the New Income Tax proposal, I hope to have it introduced in the Lok Sabha in the coming week. Post that it will go to a committee,” Sitharaman said a media briefing after addressing the post-Budget customary meeting with the central board of directors of the Reserve Bank of India (RBI).
The bill will again go to the Cabinet after the parliamentary committee gives its recommendations on it. After Cabinet approval, it will again be introduced in Parliament.
