New income-tax law explained: No new taxes, simplified for common man

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New income-tax law explained: No new taxes, simplified for common man - Business Standard

Quick Summary:

The new Income Tax Bill, which will replace the six-decade old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations.

Income tax law was enacted about 60 years ago in 1961 and since then a lot of changes have taken place in the society, in the way people earn money and companies do business.

The law, which is expected to be tabled in Parliament in the Budget session, will go to the Standing Committee on Finance for further scrutiny, Finance Minister Nirmala Sitharaman has said.