NEW INCOME TAX BILL PRESENTED AT LOK SABHA BY FINANCE MINISTRY

* On 13th February 2025 Union Finance Minister Nirmala Sitharaman Presented The New Income Tax Bill At Lok Sabha.

* SIMPLE To Understand 

S - Streamline Structure And Language

I - Integrated And Concise

M - Minimize Litigation

P - Practical And Transparent 

L - Learn And Adapt 

E - Efficient Tax Reform

* objective To Reviewing IT Act Of 1961 

HISTORY OF INCOME TAX ACT 1961 

* ACT WAS Introduced In 1961 

* With 47 Chapters And 819 Sections

* 65 Times Act Amended Till Now 

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PROCESS INVOLVING DRAFT NEW IT BILL - 

* Planning Initiated In August 2024 With 6 Sub Committee

* 14 More Sub Committee Added On September 2024 22 In October 2024 

* total Sub Committee Was 26 

* All Sub Committee Has Submitted Draft To The TPL Division Of CBDT (CENTRAL BOARD OF DIRECT TAXES) Which Is Coordinate By Ministry Of Law And Justice By December 2024 

* The Committee Studied The Two Direct Draft Tax Code 

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