Some Important Things about the New Income Tax Law in India
The new legislation, often referred to as the Direct Tax Code, is expected to be tabled in the lower house of the Parliament (Lok Sabha) on Monday.
It aims at overhauling the existing tax structure, making it more streamlined and transparent.
The bill is likely to be referred to the Standing Committee for further discussion and refinement of its provisions.
The bill is likely not to introduce any new taxes and focus might be on simplifying tax laws, removing ambiguities, and ensuring ease of compliance for taxpayers.
Amendments are expected to be introduced to the existing law, with a focus on reducing litigation. One of the provisions could include a reduction in penalties for certain offences, making the tax framework less punitive and more taxpayer-friendly.
A crucial aspect of the new bill will be the simplification of legal language, ensuring that even ordinary taxpayers can easily understand tax provisions and their implications.
Knowledge Media
Some Important Things about the New Income Tax Law in India
The new legislation, often referred to as the Direct Tax Code, is expected to be tabled in the lower house of the Parliament (Lok Sabha) on Monday.
It aims at overhauling the existing tax structure, making it more streamlined and transparent.
The bill is likely to be referred to the Standing Committee for further discussion and refinement of its provisions.
The bill is likely not to introduce any new taxes and focus might be on simplifying tax laws, removing ambiguities, and ensuring ease of compliance for taxpayers.
Amendments are expected to be introduced to the existing law, with a focus on reducing litigation. One of the provisions could include a reduction in penalties for certain offences, making the tax framework less punitive and more taxpayer-friendly.
A crucial aspect of the new bill will be the simplification of legal language, ensuring that even ordinary taxpayers can easily understand tax provisions and their implications.
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