The government, in the ensuing Budget session of Parliament, is likely to introduce a new income tax bill which seeks to simplify the current I-T law, make it comprehensible and reduce the number of pages by about 60 per cent.
Finance Minister Nirmala Sitharaman in her July Budget had announced a comprehensive review of the six-decade old Income Tax Act, 1961, within six months.
“The new Income Tax law will be introduced in the Budget session of Parliament. It will be a new law and not an amendment to the existing Act. Currently, the draft law is being vetted by the law ministry and it is likely to be brought in Parliament in the second half of the Budget session,”a source said.
The Budget session is scheduled from January 31 to April 4. The first half (January 31-February 13) will start with President Droupadi Murmu’s address to the joint sitting of Lok Sabha and Raya Sabha followed by the tabling of the Economic Survey for 2024-25. The Union Budget for 2025-26 will be presented on February 1.
Parliament will reconvene on March 10 and will sit through April 4.