New Delhi: The Finance Ministry on Monday briefed the members of a Select Committee of Lok Sabha on various aspects of the Income Tax Bill as the panel headed by BJP MP Baijayant ‘Jay’ Panda held its first meeting. Sources said the finance secretary told the parliamentarians that the Bill will simplify the existing Act, … Read more
New Delhi: Finance secretary Tuhin Kanta Pandey on Thursday said that the new income tax bill, expected to be tabled in Parliament next week, will not add any new tax or compliance burden to taxpayers. “Let me assure you (in the income tax bill) there will be no extra tax on the taxpayers,” he said … Read more
The Union Cabinet is expected to approve the new Income Tax Bill on Friday, February 7, which could result in its introduction in the Lok Sabha early next week, government sources told Business Today. The purpose of the new Income Tax Bill is to simplify and streamline the tax process by replacing the current Income … Read more
The government is reportedly planning to introduce a new income tax bill in the Budget session of Parliament, aiming to simplify the six-decade-old Income Tax Act, 1961. The proposed law, according to a PTI report, is likely to cut the number of provisions and reduce the Act’s volume by 60%, seeks to make taxation clear … Read more