New I-T bill: Simpler, shorter, crisper

Bill, likely to be tabled on Thursday, has no change in rate structures, capital gains tax rules

- DIPAK MONDAL @ New Delhi

THE new Income Tax Bill is more about consolidation of scattered tax provisions, simplification and elimination of redundant laws than about rate or structural changes. The Bill, which is likely to be tabled on Thursday, has no changes in the rate structures, nor are there any changes in the capital gains tax rules.

Contrary to speculations, the old tax regime has not been abolished, and will continue to operate alongside the new regime. The new tax regime has been put in chapter XIII of the Bill under the head -- Determination of tax in special cases.

Most of the rate changes announced in the budget have been incorporated in the bill.