Finance Minister Nirmala Sitharaman had announced in Budget 2025-26 that the new tax bill will be introduced in the ongoing session of Parliament.Sitharaman had first announced a comprehensive review of the Income-tax Act, 1961 in July 2024 Budget.The CBDT had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigations, and provide greater tax certainty to taxpayers.Also, 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act.Public inputs and suggestions were invited in four categories — simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions.The income tax department has received 6,500 suggestions from stakeholders on review of the Income Tax Act.
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