00:00Finance Minister Nirmala Sitharaman made a big announcement on 25-26th of February.
00:13She said that a new Income Tax Bill will be presented in the Parliament next week.
00:17This bill will replace the existing Income Tax Adhiniyam 1961 and its aim is to make the Income Tax process more simple and clear.
00:27The biggest thing is that this law of Income Tax will change after 6 decades, i.e. after more than 60 years.
00:35That's why it is important to know what all can happen in this new Income Tax Bill.
00:39Let's know what is this new Income Tax Bill and what is its purpose in this video.
00:46The Finance Minister has announced a new Income Tax Bill next week.
00:52Its main purpose will be simple language and low income.
00:56It will be easy for the taxpayers to understand it.
00:59In addition to this, to increase the digital process.
01:01Tax filing can be completely digitalized.
01:04Next is the lack of litigation, i.e. some measures will be taken to reduce legal disputes.
01:10Next is the single tax year.
01:12A tax year can be created by combining the assessment year and the financial year.
01:16In addition to this, there may be a lack of deductions and deductions.
01:19The tax structure can be made straight and simple through the new Income Tax Bill.
01:23Next is 15% tax on dividend income.
01:26This can bring equality in all income categories.
01:29Next is Uccha Aayeg, i.e. those who give more income will have a standard tax of 35%.
01:35It can be implemented by removing the existing surcharge.
01:38Next is the simplification of capital gain tax, i.e. the same tax rate can be applied on different assets.
01:44According to the government, this new law will replace the 63-year-old Income Tax Act of 1961.
01:50And on the basis of the reaction of the taxpayers, amendments can be made in this.
01:56According to the Income Tax Law of 1961, the government implemented a new tax regime in 2020.
02:04The current income tax that is going on, was implemented on April 1, 1962.
02:09The government is now going to bring the new Income Tax Bill.
02:12If this law is made, then after 63 years, the Income Tax Law will change in the country.
02:16Although the topic of the new Income Tax Bill is not for today.
02:19In fact, the government indicated this during the July 2024 budget.
02:24And at that time, the government said that the country needs a new Income Tax Law.
02:29And finally, this week, the Income Tax Bill, i.e. the new Income Tax Bill can be introduced.
02:35The main motive of which will be to make the Income Tax Bill easier to reach people in language and make it more clear.
02:43What are your views on the new Income Tax Bill in the video?
02:46Tell us by commenting.
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