Hope to introduce new income tax bill in Lok Sabha next week: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman connected Saturday said she is apt to present the caller income taxation bill, which volition regenerate the six-decade-old I-T Act, successful the Lok Sabha successful the coming week.

After instauration successful the Upper House, the measure volition beryllium sent to a parliamentary lasting committee for scrutiny.

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the measure connected Friday.

"Yesterday, the Cabinet cleared the New Income Tax proposal, I anticipation to person it introduced successful the Lok Sabha successful the coming week. Post that it volition spell to a committee," Sitharaman said a media briefing aft addressing the post-Budget customary gathering with the cardinal committee of directors of the Reserve Bank of India (RBI).

The measure volition again spell to the Cabinet aft the parliamentary committee gives its recommendations connected it. After Cabinet approval, it volition again beryllium introduced successful Parliament.

"I inactive person 3 captious stages to walk through," Sitharaman said to the query regarding rollout of the caller income taxation law.

Sitharaman had archetypal announced a broad reappraisal of the Income-Tax Act, 1961 successful the July 2024 Budget.

The CBDT had acceptable up an interior committee to oversee the reappraisal and marque the Act concise, clear, and casual to understand, which volition trim disputes, litigations, and supply greater taxation certainty to taxpayers.

Also, 22 specialised sub-committees person been established to reappraisal the assorted aspects of the Income Tax Act.

To different question, the Finance Minister said the past week's Budget announcement connected customs work rationalisation is simply a enactment that has been connected since the past 2 years.

"So we had rationalised immoderate adjacent 2 years ago. We besides acceptable definite norms saying evergreening is not going to hap connected anti-dumping duties, which had played a large relation successful giving immoderate benignant of a extortion for India's ain manufacturing capabilities," she said.

Sitharaman further said with each specified expiry day getting closer, the authorities volition reappraisal it thoroughly, and lone successful exceptional cases duties volition beryllium extended, but astir often they should beryllium concluded truthful that the extortion does not go a perpetual protection.

"So, this is an ongoing process. We privation to marque India a batch much investor-friendly, commercialized friendly, and astatine the aforesaid time, equilibrium it with Aatmanibhar Bharat wherever we request to person production, peculiarly done the MSMEs. We volition supply the tariff extortion arsenic required by the industry," the Finance Minister, who presented her eighth consecutive Budget connected February 1, said.

In her Budget speech, Sitharaman had announced rationalisation of customs tariff operation for concern goods.

As portion of broad reappraisal of customs complaint operation announced successful July 2024 Budget, connected February 1, 2025 she projected to region 7 tariff rates.

This was implicit and supra the 7 tariff rates removed successful the 2023-24 Budget.

There volition beryllium present lone 8 remaining tariff rates, including 'zero' rate.