What is New Income Tax Bill? Top points

The New Income Tax Bill is likely going to be introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha today. There is a lot of speculation going on about how the new bill will impact the taxpayers.

Experts believe that the new tax bill will bring a reform in the compliance framework. Ankit Garg, CEO, Wealthy Nivesh, shared that the New Income Tax Bill is expected to remove the issues related to penalties, litigations, and ambiguities in the tax filing process.

Garg noted that the new bill is going to bring a 'transformative' shift in the country's taxation system by focusing on simplification and modernisation instead of imposing new taxes.