Buzzflix The New Income Tax Bill is set to bring significant changes to the taxation system, with sources revealing that the Bill will comprise 23 chapters and 16 schedules. This major reform is expected to streamline tax structures, improve compliance, and impact taxpayers across various sectors.
Key Features of the New Income Tax Bill
- Structural Overhaul – The Bill introduces a comprehensive framework aimed at simplifying direct tax laws.
- New Tax Slabs & Exemptions – Expected revisions in tax slabs and exemptions could benefit salaried individuals and businesses.
- Digital Taxation Framework – Emphasis on taxing digital transactions and international income sources.
- Updated Compliance Measures – Stringent rules to ensure better compliance and minimize tax evasion.
- Corporate Tax Adjustments – Potential changes in corporate tax rates to promote business growth.
How Will This Affect Taxpayers?
- Salaried Individuals: Possible restructuring of income tax slabs and exemptions.
- Businesses & Startups: Changes in corporate tax policies and incentives for startups.
- Investors: Modifications in capital gains tax and deductions.
- NRIs & Foreign Entities: Clearer taxation rules for global income and offshore assets.
Expected Implementation Timeline
The government is expected to introduce the Bill in the next parliamentary session, with potential implementation by the next financial year.
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