The selected panel has been sent
After the introduction of the new Income Tax Bill in the Lok Sabha, it was sent to review the selection committee. Once this committee presented its final report, Parliament would consider the bill to pass. The government is trying to introduce a new Income Tax Act from 2026-27. The government will provide adequate time to understand new taxes and to be well prepared for new income tax laws for all shareholders, such as taxpayers, taxpayers and general citizens.
Why did this bill come
The government introduces a new income tax bill to simplify the language of the direct tax law and reduce cases. It was announced in July last year. The Review of the Income Tax Act 1961 was announced. The current Income Tax Act has been reported as it has been a great deal of six decades and has become huge due to amendments made by over 60 budgets. The aim of the new Income Tax Bill is to provide the simplicity of the taxpayer, the tax on laws and regulations, and the integration of income tax laws to reduce cases due to unnecessary and obsolete rules.
Is divided into four categories
Review of the Income Tax Act 1961 was divided into four categories:
1. Simplification of language
2. Reduced in cases
3. Reduce compliance, and
4. Unnecessary/obsolete rules
There is no special change
The Union Finance Secretary told the media after the 2025 budget that there would be no change in the rates by announcing the new tax system. The purpose of the new Income Tax Bill is to simplify the law and provide taxation to reduce cases in the future. However, many taxpayers expect changes in the punishment and prosecution laws of the Income Tax Act. Tax experts expect many lawsuits referred to under the current Income Tax Act.
