The New Income Tax Bill, which will replace the six decades old I-T Act, will be introduced in the Lok Sabha on Thursday, reports said.
Quoting sources, news agency ANI reported that the government is keen on detailed consultation on the bill and likely to send it to a Select Committee for further examination.
The bill was announced by Finance Minister Nirmala Sitharaman in her budget speech on February 1. The Union cabinet, chaired by Prime Minister Narendra Modi cleared the bill on February 7.
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The new bill seeks to make direct tax law simple to understand and not to impose any new tax burden. It will not have provisos and explanations or long sentences.
On Tuesday, Sitharaman said she is likely to introduce the new bill in the lower house in the coming week.
"Yesterday, the Cabinet cleared the New Income Tax proposal, I hope to have it introduced in the Lok Sabha in the coming week. Post that it will go to a committee," she said at a media briefing.
Once the committee gives its recommendations, the bill will again go to the cabinet. After Cabinet approval, it will again be introduced in Parliament.
"I still have three critical stages to pass through," Sitharaman said.
The first leg of the budget session ends on February 13. The session will reconvene on March 10 and sit through April 4.
Sitharaman in her budget speech on July 23, 2024, had announced a comprehensive review of the I-T Act within six months to make it concise, lucid, easy to read and understand.
This will reduce disputes and litigations, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation, she had said.
