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Feb 03, 2025
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There is no plan to phase out old tax regime: CBDT Chairman Ravi Agrawal
Finance Minister Nirmala Sitharaman, in her Budget speech, announced the introduction of the New Income Tax Bill. Ravi Agrawal, chairman, Central Board of Direct Taxes (CBDT), in an interaction in New Delhi with Monika Yadav and Asit Ranjan Mishra discussed a range of topics, including framing of tax proposals, and why he feels most taxpayers would opt for the new tax regime. Edited excerpts:
Finance Minister Nirmala Sitharaman in her Budget 2025 speech mentioned the introduction of a new Income Tax Bill, will it be a fully new law or will the old Act be amended?
It will be a new law, effective from a certain financial year. Till that financial year, the old Act would apply. But there will be some overlap period also, where the taxpayer for the future years will go by the new Act.
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