New Income Tax Bill: New Income Tax Bill before Parliament .. Change!
Finance Minister Nirmala Sitarman has introduced a new income tax bill in the Lok Sabha. The Nirmala Sitarman Sabha was brought forward on Thursday after approving the central government cabinet last week. The Finance Minister has introduced a bill in the House amid protests in the Lok Sabha. The opposition has gone out of the house. The Lok Sabha has been postponed till 10 March. The new income tax bill is expected to be implemented from 1 April 2026.
Further discussion on the bill
Decades of Income Tax Act is currently underway. Instead, the Center will bring new law. As part of it, Parliament was introduced. There have been several amendments in the Income Tax Act prepared in 1961. In the past, the NDA government has said that the law will be reviewed. For this purpose, the Central Council of Direct Taxes has established an internal committee. 22 sub -conversion have also been established to review the law. Now the bill will be sent to the Lok Sabha Selection Committee for further discussion.
Change in new bill
The new bill has 536 categories, 23 chapters and 16 schedules. There is no mention of new taxation. The bill facilitates the current Income Tax Act, 1961 language. The new law applies from April 1, 2026. Once the law is informed, the rules come for sale. Currently there is an evaluation year from 1 April to 31 March. The new bill has been changed to one tax year. This means that the new bill has been removed in the new bill, such as the previous year of the year and the year assessment year. Tax year means tax year word.
The taxpayer’s charter is included in the bill, which explains the rights and responsibilities of the taxpayer. Tables and formulas are embedded for taxpayers. Salary includes standard deduction, gratuity and leave encashment. In the past, they were in different classes and various rules.
The law has a law for individuals, Hindu indigenous families and other people to apply to new and old income tax policies. The Natwith standing word, often seen in the current law, has been replaced by the word.
