- Union Cabinet Approves Three-Year Extension for National Commission For Safai Karamchari
New Delhi, Feb 7: The Union Cabinet has given its nod to a new income tax bill, which is set to replace the long-standing I-T Act that has been in place for about 60 years, according to reports.
The aim of the new bill is to simplify direct tax laws, ensuring they’re easier to comprehend, while also avoiding the imposition of new taxes. It will be free from complicated provisions, explanations, and lengthy sentences.
This decision was made during a Cabinet meeting led by Prime Minister Narendra Modi, sources confirmed.
The new income tax bill is expected to be presented in Parliament next week and will then be forwarded to the Parliament’s Standing Committee on Finance.
The first phase of the current budget session concludes on February 13, with the session slated to resume on March 10 and continue until April 4.
Finance Minister Nirmala Sitharaman had previously indicated in Budget 2025-26 that the new tax legislation would be introduced during this parliamentary session.
Sitharaman initially announced a comprehensive review of the Income-tax Act, 1961 in the July 2024 Budget.
The Central Board of Direct Taxes (CBDT) created an internal committee tasked with reviewing and streamlining the Act to make it clearer and more concise, thereby reducing disputes and litigation, while providing taxpayers with enhanced certainty. In addition, 22 specialized sub-committees have been formed to analyze different facets of the Income Tax Act.
The income tax authority has collected around 6,500 suggestions from various stakeholders regarding the review of the Income Tax Act.
In other news, the Union Cabinet also approved a three-year extension for the National Commission for Safai Karamchari (NCSK) on Friday.
Union Minister Ashwini Vaishnaw revealed in a cabinet briefing that the financial impact of this extension for three years would amount to approximately Rs 50.91 crore. (AGENCIES)
