Income Tax Bill news: ?India's Direct Taxation System will be overhauled to make it compliance-friendly,? says BJP MP make unique title from original.

BJP MP Tejasvi Surya has commended the new Income Tax Bill on Thursday, highlighting that the legislation will simplify the lives of Indian taxpayers.

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In an interview with ANI, the MP from South Bengaluru explained that the bill will revamp India’s Direct Taxation System, making it more modern, straightforward, logical, and easier to comply with.

“For almost 60 years, India’s Income Tax Act was not reviewed. Like many other areas where PM Narendra Modi’s government has brought tremendous reforms, India’s Direct Taxation System will also be overhauled to make it modern, simple, rational, and more compliance-friendly,” Surya said.

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“We did the same for India’s indirect taxation system through GST… From the perspective of the common man, it has brought down the prices of goods and services, which was not the case under the earlier VAT regime. The new Income Tax Bill is going to make the lives of India’s taxpayers much easier,” he added.

Reacting to the JPC report on the Waqf bill, BJP MP Tejasvi Surya said, “The JPC has extensively conducted detailed discussions with all stakeholders. This (Waqf bill) will bring a lot of transparency and professionalism in the management of Waqf properties… The JPC was conducted in an extremely transparent and democratic manner…”

Notably, the new Income Tax Bill will be introduced in the Lok Sabha today. The government is keen on detailed consultations on the bill, and it is likely to be sent to a Select Committee for further examination.

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Last week, the Union Cabinet cleared the new income tax bill. Sitharaman had earlier indicated that the bill would be sent to a parliamentary committee for scrutiny. “The process is the committee gives its recommendations, it comes back, and then the government, through the Cabinet, takes a call on whether these amendments are to be taken in,” she had said.

In the July 2024 Budget, the government announced a thorough review of the Income-tax Act of 1961, aiming to simplify the law, making it more concise and clear, while minimizing disputes and litigation.

For almost 60 years, India’s Income Tax Act was not reviewed. The new Income Tax Bill is going to make the lives of India’s taxpayers much easier.

Finance Minister Nirmala Sitharaman mentioned in her budget speech on February 1 that the bill would be introduced in Parliament soon.