New Income Tax Bill: Get ready for these big changes, income tax law is going to change after 60 years..

Union Finance Minister Nirmala Sitharaman presented the budget on February 1. During this time she has made many big announcements. The biggest announcement is about income tax. A new income tax bill will be introduced in Parliament next week. This bill will replace the old Income Tax Act, 1961. Its purpose will be to simplify the income tax process.
Will be introduced in Parliament
Finance Minister Nirmala Sitharaman announced that a new income tax bill will be introduced in Parliament next week. This law is going to change after almost 60 years. In this episode, let us know what changes can be made to this new bill. How will it affect you? Let's know about it in detail.
New laws will be in easy language.
The new law will be in easy language. This will make it easier for taxpayers to understand it. Digital process will also be promoted. After this, filing tax will become completely digital. This can also reduce legal disputes. A tax year can be created by combining assessment year and financial year together.
These changes are also included.
There may be a reduction in deductions and exemptions. This can make the tax structure simpler and clearer. 15 percent tax can be imposed on dividend income. This can bring equality among all income classes. 35 percent standard tax can be implemented for the high income class. A uniform tax rate can be applied on different properties.
Changes in 63-year-old law
The government says that this new law will replace the 63-year-old Income Tax Act 1961. Changes can be made in it based on the feedback of taxpayers. The new tax regime was announced in 2020 under the 1961 law. The current Income Tax Act is in force from April 1, 1962.
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