New Income Tax Bill Expected to Have 23 Chapters and 16 Schedules
The upcoming Income Tax Bill is likely to include 23 chapters along with 16 schedules, sources told CNBC-TV18.
New Income Tax Bill Expected to Have 23 Chapters and 16 Schedules
The upcoming Income Tax Bill is likely to include 23 chapters along with 16 schedules, sources told CNBC-TV18. The bill will introduce simpler terms such as “tax year”. As per the sources, the 12-month financial period will commence from April 1, 2026.
The much-anticipated New Income Tax Bill is set to be introduced on February 13. The legislation will include 600 pages and is expected to replace the Income Tax Act, 1961. Once passed, the new law will be called the Income Tax Act, 2025, sources said.
Notably, experts have criticised the current Income Tax Act of being complex and cumbersome. The centre has clarified to bring a new tax law to ensure more clarity.
