Government to Introduce New Direct Tax Law

Finance Minister Nirmala Sitharaman is poised to present a groundbreaking bill aimed at overhauling the 63-year-old Income Tax Act. This new legislation seeks to streamline tax provisions, eliminate outdated sections, and make the language more accessible to the general public.

Behind the Scenes: The Push for Simplification

Over the past six to eight weeks, officials from the Finance Ministry and the Prime Minister's Office have been working closely with a dedicated panel to finalize the bill. The goal is to present a draft that addresses the complexities and redundancies of the current tax laws, making them more user-friendly.

What's Next?

While the exact timing of the bill's introduction during the budget session remains uncertain, Sitharaman is expected to highlight this initiative in her speech on February 1. This marks a significant step towards simplifying the tax system, a move that has been attempted several times in the past without success.