New I-T bill not to have provisos, explanations; may come up in Cabinet on Friday
new income tax bill, to be introduced in Parliament next week, will not have long sentences, provisos and explanations, Finance Secretary Tuhin Kanta Pandey said on Thursday. The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said.
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The new bill, which was announced by Finance Minister Nirmala Sitharaman in her Budget speech, will also incorporate the changes made in income tax rates, slabs and in TDS provisions made in the Budget for 2025-26.
«When you see next week a new income tax Bill, you will see a very different Bill. The way we write laws is undergoing a change… You will see very less of those long sentences you will not see probably the proviso, explanations....,» Pandey said at a PHD Chambers event here.
Pandey said the new bill will not put any new taxes, or any new burden.
«We are also not changing policy in a big way. We do not want to create any unstable situation,» Pandey added.
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