New Delhi, January 18
The government may introduce a new Income Tax Bill in the upcoming budget session of Parliament which aims to simplify the existing Income Tax Act, make it more understandable and reduce the number of pages by about 60 percent. Finance Minister Nirmala Sitharaman had announced a review of the six-decade-old Income Tax Act, 1961 within six months in the July budget. A source said, ‘The new income tax law will be introduced in the budget session of Parliament. It will be a new law and not an amendment to the existing law. At present, the Law Ministry is considering the draft of the law and it can be presented in the Parliament in the second phase of the budget session. It may be mentioned that the budget session of the Parliament will be held between January 31 and April 4. Meanwhile, Finance Minister Nirmala Sitharaman will present the general budget on February 1. The first phase of the budget session will be held from January 31 to February 13. -News-Patiala
