FM Sitharaman Hopes For Debate On Simplified New Income Tax Bill In Parliament

Finance Minister Nirmala Sitharaman announced that a new Income Tax Bill, representing the ‘first ever comprehensive review of the Income Tax Act’ since 1961, is set to be presented in Parliament. Highlighting the significance of the overhaul, Sitharaman stated, ‘Since 1961, it’s not been touched. Layers and layers have got added onto it’. She praised the drafting team for simplifying the language, reducing the number of words, and ensuring the text is not subject to multiple interpretations. The new bill aims to eliminate complications where one would need to cross-reference multiple chapters. Sitharaman mentioned that extensive consultations with various groups have been conducted and the Select Committee’s report is already in Parliament. She expressed hope that the bill, a result of immense hard work, will pass parliamentary scrutiny. This marks a historic moment in the 166th year of income tax in the country.