New Income Tax Bill: A major change is coming to the country’s tax system. Ending the era of old income tax law new income tax bill (New Income Tax Bill) Finance Minister to present Nirmala Sitharaman. . . According to sources, the next August 11th This new bill may be introduced in Parliament. The main goal of this new bill is: Making the country’s tax system easier, transparent and technology dependentthe The current income tax law is about 63 years ago, i.e. of 1961 ready the economy of that time and today’s of the digital world There is a huge difference in the tax structure.
The new law has been drafted keeping in mind the needs of the current taxpayers, use of technology and preventing tax evasion. It is expected that this change It will be easier for ordinary people to pay taxes, at the same time Revenue collection will be more effectivelythe new bill (New Income Tax Bill) If presented, it will be discussed in detail in the Parliament. It will then be implemented as a law through various amendments. For taxpayers it could be one Important turn momentsthe
Why is this new income tax bill (New Income Tax Bill) needed?
The old Income Tax Act, created in 1961, is more complicated and now quite Irrelevant has become There is a lot of difference between the economic structure of that time and the reality of today’s digital age. In the current law, various clauses are so complicated that common people are filing income tax returns while submitting their income tax returns. often get confused. . . often for a small mistake a hefty fine or notice It comes, which causes anxiety for many.
The central government to remove this problem A simple, simple and transparent new income tax bill He is walking on the path of Anna. With this new law, taxpayers themselves are very easily Tax calculations and returns can be filedAs it will reduce harassment, it is expected that people’s confidence in the tax system will increase. Speaking directly, Taxpayer experience is easy and hassle-free The main goal of this new bill is the government.
What changes can be made in the new income tax bill? Know the possible aspects
Although the new income tax bill is still officially (New Income Tax Bill) The full details have not come to the fore, but according to economists and tax experts, the bill has several Important and up-to-date changes may be brought. Let’s see what changes are likely to come:
🔹 1. Laws written in simple language: The current income tax law is very complex and full of legal words. The new law will make the language simple and easy to understand, so that common people can understand the law by themselves. This will reduce the dependence on the tax advisor.
🔹 2. Technology-based taxation system: The new bill is completely based on digital methods For made will be Depositing taxes, filing returns, getting refunds—everything can be done faster, easier and more transparently.
🔹 3. Importance of Digital Economy: In the current law Cryptocurrencythe Online Income Or digital transactions Things like that are not covered properly. The new law may give emphasis on these aspects, which is very important for today’s technology-based economy.
🔹 4. Tax rate and change in slab: Experts think, Tax rates in new tax structures may be slightly reduced, especially keeping in mind the middle class and working people. at the same time Some changes in tax slabs too May come, so that more people are burdened with less taxes.
🔹 5. Preventing transparency and harassment: more in the tax system Some new trends to bring clarity May be included, so that tax officials reduce the opportunity to make arbitrary decisions. As a result taxpayers You can pay taxes more securely and confidently without being harassedthe
This new income tax bill (New Income Tax Bill) Not just a change of law—it could be A revolutionary step in the country’s tax systemthe such as in It will be easier for ordinary people to pay taxes, as well Government revenue collection will also become more effective and technology dependentthe Now only Waiting for 11th August, the day Finance Minister Nirmala Sitharaman will present this historic bill in Parliament. Experts hope that this bill will play a major role in building a digital India in the future.
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