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A new Income Tax bill -- promised by Union finance minister in her last year's budget -- will be tabled in parliament on Thursday, sources have told News Agency. The bill is meant to simplify the language of the tax laws and it would later be sent to Parliament's Standing Committee on Finance. It will not change the existing tax slabs or review the tax rebates given.
Sources said simplification of the language will make the Act concise, clear, and easy to understand, which will reduce disputes, litigations, and provide greater tax certainty to taxpayers.
The CBDT had set up an internal committee to oversee the review. Also, 22 specialised sub-committees have been established to review the various aspects of the proposed law that would replace the six-decade-old law.
Ahead of drawing up the bill, the government had sought inputs from the people under four categories -- simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions.
The income tax department received 6,500 suggestions from stakeholders on review of the law.