Income Tax Bill LIVE updates: The new Income Tax Bill, which will replace the six-decade old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations.
Income Tax Bill LIVE updates: Finance Minister Nirmala Sitharaman is likely to introduce the new Income Tax Bill in the Lok Sabha on Monday (February 10). This bill will replace the six-decade-old Income Tax Act, 1961.
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the bill on Friday (February 7). After its introduction, a parliamentary standing committee will review it before it returns to the Cabinet for final approval.
This move is part of the government’s plan to simplify and modernise India’s tax system.
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