New Delhi: Parliament has approved a new Income Tax Bill aimed at replacing the six-decade-old legislation, marking a significant overhaul of the country’s tax framework.
Finance Minister Nirmala Sitharaman, introducing the Bill, clarified that it does not impose any new tax rates. Instead, the primary goal is to simplify the language of the law, making it easier for citizens and professionals to understand the otherwise complex provisions of the Income Tax Act.
She said the modernised law seeks to improve clarity, reduce litigation, and streamline compliance, while retaining the existing tax structure. The new legislation is also expected to integrate several amendments made over the years into a more coherent framework.
