New Income Tax Bill to have 622 pages, almost half of the existing I-T Act; Likely to be tabled in Parliament on Thursday
The new Income Tax Bill, set to be introduced in the Lok Sabha, will replace the Income Tax Act, 1961. It includes 536 sections, 23 chapters, and introduces 'tax year' instead of 'previous year' and 'assessment year.' The CBDT gains more autonomy under this bill to introduce tax schemes and enforce digital monitoring without legislative amendments.
The new Income Tax Bill, set to be introduced in the Lok Sabha, will replace the Income Tax Act, 1961. It includes 536 sections, 23 chapters, and introduces 'tax year' instead of 'previous year' and 'assessment year.' The CBDT gains more autonomy under this bill to introduce tax schemes and enforce digital monitoring without legislative amendments.
