New Earnings Tax Invoice prone to be launched in Lok Sabha subsequent week – India TV
New Earnings Tax Invoice: Finance Minister Nirmala Sitharaman on Saturday stated that she could introduce the brand new Earnings Tax Invoice within the Lok Sabha subsequent week. The brand new Invoice, which can substitute the six-decade-old I-T Act, has already been accepted by the Union Cupboard, chaired by Prime Minister Narendra Modi, on Friday.
“Yesterday, the Cupboard cleared the New Earnings Tax proposal, I hope to have it launched within the Lok Sabha within the coming week. Put up that it’ll go to a committee,” Sitharaman stated in a media briefing after addressing the post-Finances customary assembly with the central board of administrators of the Reserve Financial institution of India (RBI).
The invoice will once more go to the Cupboard after the parliamentary committee offers its suggestions on it. After Cupboard approval, it can once more be launched in Parliament.
“I nonetheless have three important levels to cross via,” Sitharaman stated to the question concerning rollout of the brand new earnings tax regulation.
To a different query, the Finance Minister stated the final week’s Finances announcement on customs obligation rationalisation is a piece that has been on because the final two years.
The Finance Minister had first introduced a complete evaluation of the Earnings-Tax Act, 1961 within the July 2024 Finances.
Finance Minister Nirmala Sitharaman, in her 2025-26 Finances speech, stated the brand new I-T Invoice will carry ahead the spirit of “Nyaya” (justice) based mostly on the idea of “belief first, scrutinise later”.
“The brand new invoice can be clear and direct in textual content with near half of the current regulation, when it comes to each chapters and phrases. It will likely be easy to know for taxpayers and tax administration, resulting in tax certainty and decreased litigation,” Sitharaman had stated.
As a part of complete evaluation of customs charge construction introduced in July 2024 Finances, on February 1, 2025 she proposed to take away seven tariff charges.
This was over and above the seven tariff charges eliminated within the 2023-24 Finances.
There can be now solely eight remaining tariff charges, together with ‘zero’ charge.
With PTI Inputs
