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Feb 03, 2025
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New Income Tax Bill to be introduced next week, says FM Sitharaman
Finance Minister Nirmala Sitharaman on Saturday announced that the government will introduce a new income tax Bill next week to ease compliance burden.
“The new Bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation,” SItharaman said in her FY26 Budget speech.
The minister had previously announced in July last year that a comprehensive review of the Income Tax Act of 1961 would be completed within six months.
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