- विज्ञापन -
New Delhi: Congress MP Manish Tewari has criticized the new Income Tax Bill, asserting that it is actually more complicated than the current framework, despite claims by Union Finance Minister Nirmala Sitharaman that it would simplify tax regulations. Tewari pointed out that the previous bill contained 296 sections, while the new one has over 500 sections. Additionally, the former bill had 5 schedules, whereas the new bill includes 14 schedules. He emphasized that the intention behind the bill was to simplify tax matters, but it has resulted in increased complexity.
The new Income Tax Bill is scheduled to be introduced in the Lok Sabha on Thursday. The government is interested in in-depth consultations, and it is anticipated that the bill will be referred to a Select Committee for further review. The new bill was approved by the Union Cabinet last week. Sitharaman previously mentioned that the bill would undergo scrutiny by a parliamentary committee, which would offer recommendations before the government decides what amendments to incorporate.
In the July 2024 Budget, the government announced a thorough review of the Income Tax Act of 1961, aiming to make it more concise and clear, and reduce disputes and litigation. In her budget speech on February 1, Sitharaman reiterated the government’s commitment to taxpayer convenience, citing various reforms implemented over the past decade, such as faceless assessments, a taxpayer charter, quicker return processing, a high rate of self-assessment returns, and the Vivad se Vishwas scheme. She expressed her intent to introduce the new income tax bill soon.
