New Income Tax Bill: Now soon you will not need to run to a chartered accountant, company secretary, or any tax practitioner or lawyer to understand your liability in income tax. It will be so easy that you will be able to understand at a glance and calculate the income tax according to your income and file ITR. India's income tax law is going to change after 64 years.

There will be no abundance of exemptions and deductions

According to the Indian Express report, Minister Nirmala Sitharaman can present it in the Lok Sabha on Monday. It was given the green signal in the Union Cabinet meeting chaired by Prime Minister Narendra Modi on Friday. According to media reports, the new Income Tax Act will not have a lot of exemptions and deductions under the Income Tax Act of 1961. Its tax slabs are likely to be made in a very simple way. There will be no complexity in filing it. Even the pages and sections in it will be half as compared to before. The new Income Tax Act will not be an amendment or improvement of the earlier law, but it will be a completely new law.

It will also instruct tax officers to trust more than to monitor. The new Income Tax Act will be very easy for taxpayers both in terms of language and adoption. Finance Secretary Tuhin Kant Pandey has said that the new tax law will not put any new tax burden on anyone. This time the changes brought in the budget under the income tax slab will be fully reflected in it.

The assessment year will not work…tax year will work.

After the new tax law comes, the earlier terminology will change completely. Many old words will be completely changed. It is being said that after its implementation, it will not be called an assessment year. After that, it will be called only tax year. Similarly, there is talk of changing other words too.