The Narendra Modi government at the Center is preparing to provide big relief to the employed people in the upcoming budget session of the Parliament. The government is planning to introduce a new Income Tax Bill, the main objective of which is to simplify the current Income Tax law, make it easier to understand and reduce the number of pages by about 60 per cent. This will be a matter of relief for the taxpayers, because they will be able to easily understand the aspects related to it.
What is the plan?
A source of news agency PTI said that the new income tax law will be introduced in the budget session of Parliament. This will not be an amendment to the existing law, but a new law. Currently, the Law Ministry is considering the draft of this law and it may be introduced in Parliament in the second half of the budget session.
organizing committee
Finance Minister Nirmala Sitharaman had announced a comprehensive review of the Income Tax Act, 1961 in the July budget. Subsequently, the CBDT constituted an internal committee to review the Act and make it concise, clear and easy to understand. This will reduce disputes and litigation and provide greater tax certainty to taxpayers. In addition, 22 special sub-committees have also been constituted to review various aspects of the Act.
When is the budget session starting?
The budget session will run from January 31 to April 4. The first part (January 31-February 13) will begin with President Draupadi Murmu’s address to the joint session of the Lok Sabha and Rajya Sabha, followed by the presentation of the Economic Survey for 2024-25. The Union Budget for the financial year 2025-26 will be presented on February 1. Parliament will reconvene on March 10 and run until April 4.
