The new Income Tax Bill will be made keeping in mind India's changing economy, the digital age and the needs of the taxpayers. If it makes tax compliance easier and increases transparency, it can prove beneficial for traders,

New Delhi, Feb 3 (PTI) Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week.

With state governments handing out freebies to the poor leading to despondency in the middle-class, it was assumed that Finance Minister Nirmala Sitharaman would have no option but to make a big move to change the mood of the middle-class.

The new Income Tax Bill introduced on February 6, aimi to replace the outdated 1961 law with a simplified system tailored for the digital era.

Higher tariffs could worsen the squeeze on American families by increasing their taxes, lowering their income, and requiring them to pay more for tariffed goods.

Draft Bill likely to provide directions to widen tax net, given the contraction in tax base following the new exemption limits, say sources

itharaman emphasized that the new code would not only simplify the complex provisions of the current tax laws but also enhance taxpayer convenience

The New Income Tax Bill, Nirmala Sitharaman said, would reflect the government’s decade-long efforts focused on enhancing taxpayer convenience.

The Budget 2025 is set to introduce significant changes to the income tax slabs, particularly benefiting the middle class. Currently, the new tax regime features slabs where income up to ₹3 lakh is tax-free,