New Delhi: Finance Minister Nirmala Sitharaman has withdrawn the proposed Income Tax Bill from Parliament, with a revised version set to be introduced on August 11. The new draft will incorporate key recommendations from the Parliamentary Select Committee, aiming to address concerns raised by lawmakers and stakeholders.
The original bill, which sought to modernize and replace the existing Income Tax Act, faced criticism over various provisions, including tax rates, exemptions, and procedural clarity. In response, the government has decided to revamp the legislation to ensure it is more transparent, fair, and aligned with the needs of taxpayers.
Sources suggest the updated bill will reflect broader consultations and a taxpayer-friendly approach, aligning with the government’s larger goal of simplifying India’s direct tax framework and improving compliance for individuals and businesses.
