New I-T bill gets Cabinet nod, may be tabled in LS next week

The Union cabinet on Friday approved the New Income Tax Bill that proposes to bring in a sweeping legal overhaul to make I-T regulation more concise and simple, incorporating the changed tax slabs and tax rates announced in the budget presented on February 1.

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The bill will be introduced in the Parliament next week and will likely be referred to the standing committee on finance for further scrutiny, one person aware of the development said, requesting anonymity. "The committee may also invite comments from the public," he added.

Once enacted, the new law will replace the old Income Tax Act, 1961.

Earlier, in an interview with HT, finance secretary Tuhin Kanta Pandey said that the new I-T bill, as announced in the budget by Union finance minister Nirmala Sitharaman, would be much simpler. It will be close to half of the current Income Tax Act.