The new Income Tax Bill will be introduced in the Lok Sabha on Thursday. The Union Cabinet gave its approval to this bill last week. Sources said that the government wants to have a detailed discussion on the bill and the bill is likely to be sent to the Select Committee for in-depth discussion.
Sitharaman had earlier indicated that the bill would be sent to the Parliamentary Committee for scrutiny. He said, 'The process is that the committee makes its recommendations, they come back and then the government considers through the Cabinet whether to accept these amendments or not.'
There are still many stages left.
It is worth noting that in the budget of July 2024, the government proposed a comprehensive review of the Income Tax Act, 1961. Its objective was to make the Act concise and clear and reduce disputes and litigation.
Let us tell you that after the recommendations of the Parliamentary Committee, the bill will be sent to the Cabinet again. If it gets approval from the Cabinet, then it will be introduced in Parliament again. The Finance Minister had said that it has to go through three important stages.
Last day on 13 February
The current budget session of Parliament is ending on 13 February. On this day, the government will present the new Income Tax Act and send it to the Parliamentary Committee. The purpose of this new bill is to simplify the income tax law for the common people.
The government has already made it clear that no tax burden will be imposed in the new bill. Its purpose is also to reduce tax disputes.
The impact of the intensifying conflict between Israel and Iran in West Asia will not be limited
On the 50th anniversary of the Emergency imposed in the country on 25 June 1975, PM Narendra Modi
The situation in Leh remains tense. A curfew remained in effect in Leh on Thursday. Earlier, four
The RBSE Class 12 Board results have been released. While declaring the results, the Education Mi
Delhi Education Minister Ashish Sood announced on Friday that air purifiers will be installed in
Following Pakistan's humiliating defeat in the Asia Cup 2025 final, Operation Sindoor has once ag
India's victory celebrations against New Zealand in the Champions Trophy are continuing. Meanwhil
Iran has retaliated after Israel attacked nuclear plants. Iran's Supreme Leader Ayatollah Ali Kha
Pakistan is nervous after India attacked Pakistan. Pakistan's condition is so bad that it is now
The controversy over Diljit Dosanjh's recently released film 'Sardarji 3' is not stopping. The fi
