The Union Cabinet on Friday approved the new income tax bill, which will replace the six decades old I-T Act, sources said.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.
The Cabinet, chaired by Prime Minister Narendra Modi, approved the New Income Tax Bill, sources said.
Sources said the new income tax bill will now be introduced in the Parliament next week and would be sent to Parliament’s Standing Committee on Finance.
The first leg of the ongoing budget session ends on February 13. The session will reconvene on March 10 and sit through April 4.
Finance Minister Nirmala Sitharaman had announced in Budget 2025-26 that the new tax bill will be introduced in the ongoing session of Parliament.