FM to introduce to new Income Tax Bill next week: What is it likely to contain? The aim is to simplify tax compliance for taxpayers and make the Income Tax Act easier to understand, enhancing readability and removing duplication of laws
Finance Minister Nirmala Sitharaman to introduce to new Income Tax Bill next week. The new Income Tax Bill is expected to be modelled on the Direct Tax Code. The new tax bill is proposed to make tax compliance easier for taxpayers and make the Income Tax Act easier to read and understand.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Budget with ET
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The buzz around the new Income Tax Bill started after the announcement in the last Budget that the Income Tax Act would be reviewed. The review was announced to remove duplication of income tax laws and also to ensure that tax laws are easy to read for a lay person.
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ET Wealth online spoke to tax experts on the changes that they expect in the new Income Tax Bill if it is introduced in the budget session of the Parliament.
Simplification of residential status of taxpayers
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Current income tax laws divide an individual taxpayer's residential status into three categories - Resident individual, Resident but not ordinarily resident individual and Non-resident individual. There is a need to simplify the residential status laws to make compliance easier for taxpayers
Harsh Bhuta, Partner, Bhuta Shah & Co - a chartered accountant firm says, "A significant shift is anticipated in the residential status rules, with only two categories-resident and non-resident-replacing the current three-tier system, thereby simplifying tax implications."
Concurring with this view, Preeti Sharma, Partner, Global Employer Services, Tax & Regulatory Services, BDO India - a tax consulting firm says, "There is a need to simplify resident status determination rules. There are multiple conditions and look-back provisions that go into the past 10 years. It is a meticulous task for an individual to determine his Indian residential status as there are multiple provisions affecting the same."
Simplify tax year rules
Current income tax laws categorise years as financial year and assessment year. This distinction confuses taxpayers who are not well-versed with the tax laws.
No exemptions and deductions
One of the changes proposed by the Direct Tax Code, 2009 was the elimination of exemptions and deductions that are currently available under the old tax regime. With the introduction of the new tax regime, the government has taken step towards incorporating changes proposed in the Direct Tax Code, 2009.
Surana says, "The current Income Tax Act is laden with numerous exemptions and deductions, making it complex and challenging to navigate. The DTC is expected to simplify the tax framework by eliminating exemptions and deductions altogether and bring down the overall tax rates. This approach aligns with the government's vision of creating a simplified tax regime."
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This story originally appeared on: India Times - Author:Faqs of Insurances
