New Income Tax Bill to be taken up for discussion in monsoon session of Parliament: FM Sitharaman

Finance Minister Nirmala Sitharaman announced that the new Income Tax Bill will be discussed in the upcoming monsoon session of Parliament. The bill aims to replace the 1961 Income Tax Act, simplifying tax laws, reducing ambiguities, and lowering litigation. It will be concise, user-friendly, and tax-neutral, addressing technological advancements and socio-economic changes.