New Income Tax Bill to have 622 pages, almost half of the existing I-T Act; Likely to be tabled in Parliament on Thursday
Income Tax Bill will have 536 sections, and 23 chapters running into 622 pages, reported PTI. It is likely to be introduced in the Lok Sabha on Thursday. The Bill, once enacted, will replace the Income Tax Act, 1961, which over the years became bulkier and complex with amendments.
The proposed law replaces the term 'previous year' as mentioned in the Income Tax Act, 1961 with 'tax year'. Also, the concept of assessment year has been done away with, PTI reported.
As of now, for income earned in the previous year (ex: 2023-24), tax is paid in assessment year (ex: 2024-25). The previous year and assessment year concept has been removed and only tax year under the simplified bill. has been brought in.
The new Income Tax Bill comprises 536 sections, higher than 298 sections of the current Income Tax Act, 1961. The existing law has 14 schedules and will increase to 16 in the new legislation.
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