New I-T bill may be introduced in House on Tuesday

NEW DELHI: Finance minister Nirmala Sitharaman is likely to introduce the new income tax bill in Parliament on Tuesday, with the legislation likely to be referred to a standing committee for examination.
“I hope to have it introduced in Lok Sabha in the coming week. The process is the committee gives its recommendation, it comes back, and then the government, through the Cabinet, takes a call on whether these amendments are to be taken in, or some of them, or more need to be,” she told reporters after addressing the RBI board meeting.

“It’s only after that it again goes to Parliament. So, once Parliament passes, it is when they decide on when best to roll it out from,” the FM added, a day after the Cabinet approved the bill.
The new legislation, for which work began in July, aims to simplify the law, make it more concise.