In her budget speech on February 1, Finance Minister Nirmala Sitharaman had talked about bringing a new income tax law next week. Shortly after this, Finance Minister Nirmala Sitharaman gave the countrymen a rebate of up to Rs 12 lakh in personal income tax in the new tax regime. After both these announcements, the heartbeat of the middle class family increased. Some people are wondering what Finance Minister Nirmala Sitharaman is going to implement in the new income tax law by changing the 60-year-old income tax law.

If you are also getting tense about the new income tax law, then here we are going to give you the medicine for your headache. Finance Secretary Tuhin Kanta Pandey has clarified a lot about the new income tax law. After knowing which your heartbeat will become normal.

The Finance Secretary told me about the new IT law.

Finance Secretary Tuhin Kanta Pandey said that we do not want to create any unstable situation. The new law will be simple. Pandey said, "Laws are not only for legal professionals. Citizens should understand it." The new Income Tax Bill, which will replace the Income Tax Act, 1961, has been prepared within 6 months and an attempt has been made to simplify the language to help taxpayers understand. Also, the new law has been made concise, removing old provisions and making it less cumbersome.

All this will be in the new IT law.

The new bill announced by Finance Minister Nirmala Sitharaman in her budget speech will also include the changes made in income tax rates, slabs and TDS provisions in the budget for 2025-26. According to ET report, the new bill replacing the 60-year-old Income Tax Act is likely to be discussed in the Cabinet meeting on Friday. Also, no new tax or any new burden will be imposed in the new bill.

Disclaimer: This content has been sourced and edited from tv 9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.