The Union Cupboard on Friday authorised the New Earnings Tax Invoice, which is able to change the six a long time previous I-T Act, sources stated.
The brand new Invoice seeks to make direct tax regulation easy to grasp and to not impose any new tax burden. It won’t have provisos and explanations or lengthy sentences.
The Cupboard, chaired by Prime Minister Narendra Modi, authorised the New Earnings Tax Invoice, sources stated.
Sources stated the brand new revenue tax invoice will now be launched within the Parliament subsequent week and shall be despatched to Parliament’s Standing Committee on Finance.
The primary leg of the continuing finances session ends on February 13. The session will reconvene on March 10 and sit by way of April 4.
Finance Minister Nirmala Sitharaman introduced in Finances 2025-26 that the brand new tax invoice shall be launched within the ongoing session of Parliament.
Sitharaman had first introduced a complete assessment of the Earnings-tax Act, 1961 within the July 2024 Finances.
The CBDT had arrange an inner committee to supervise the assessment and make the Act concise, clear, and straightforward to grasp, which is able to cut back disputes, and litigations, and supply larger tax certainty to taxpayers. Additionally, 22 specialised sub-committees have been established to assessment the varied features of the Earnings Tax Act.
Public inputs and strategies had been invited in 4 classes—simplification of language, litigation discount, compliance discount, and redundant/out of date provisions.
The revenue tax division has acquired 6,500 strategies from stakeholders on the assessment of the Earnings Tax Act.
