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New, simplified tax Bill to be tabled in LS tomorrow
The New Indian Express Hyderabad
|February 12, 2025
THE New Income Tax Bill, which will be tabled in Parliament on Thursday, is longer than the existing one with 23 chapters, 536 sections and 16 schedules.
The current Income Tax Act has 23 chapters, 298 sections and 14 schedules.
The increase in number of sections reflects a more structured approach to tax administration, incorporating modern compliance mechanisms, digital governance, and streamlined provisions for businesses and individuals.
The bill, a copy of which is in the possession of this paper, proposes a deduction for purchase of electric vehicles, revises donation rules, and updates medical and education.
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The New Indian Express Hyderabad
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