* 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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