Good news for taxpayers! The Income Tax Department has introduced a new online tool to help individuals and businesses easily understand the latest Income Tax Bill and its impact on their tax liabilities.
The Income Tax Department has launched an online self-help utility on its official website. With this tool, taxpayers can:
✅ Compare Old and New Tax Laws – Understand key differences between the existing Income Tax Act of 1961 and the new Income Tax Bill.
✅ Calculate Tax Liability – Determine how much tax they need to pay under the revised provisions.
✅ Access Easy-to-Understand Tables & Examples – Simplified language and visual aids make tax computation hassle-free.
The new Income Tax Bill has been introduced in Parliament to replace the old Income Tax Act, 1961. However, many taxpayers find it difficult to understand the legal provisions and how they will be affected financially.
To address this issue, the Income Tax Department has developed this self-help tool, ensuring that taxpayers can easily grasp the changes and make informed financial decisions.
📌 The new Income Tax Bill is currently under review by the Select Committee of Parliament.
📌 The committee is expected to submit its recommendations before the Monsoon Session.
📌 Once approved, the government aims to implement the new tax law from April 1 next year.
This initiative aims to bring more transparency, ease of compliance, and better understanding of tax obligations for taxpayers across the country.
Stay updated for more details! Let us know in the comments if you have any questions regarding the new tax law. 💬💰
