Income tax bill won't raise tax or compliance load: Finance secretary Tuhin Kanta Pandey

New Delhi, Feb 6, 2025

Synopsis
Finance secretary Tuhin Kanta Pandey assured taxpayers there will be no additional taxes or compliance burdens in the new income tax bill expected to be tabled next week. The bill will include changes announced in the budget, such as income tax rates and TDS provisions, aiming to simplify understanding and reduce litigation, replacing the old Income Tax Act.

Finance secretary Tuhin Kanta Pandey on Thursday said that the new income tax bill, expected to be tabled in Parliament next week, will not add any new tax or compliance burden to taxpayers.

"Let me assure you (in the income tax bill) there will be no extra tax on the taxpayers," he said in a post-budget interaction at the PHD Chambers of Commerce and Industry.

He said the bill will incorporate all tax-related changes announced in the budget, including income tax rates, slabs and tax deducted at source (TDS) provisions.

"We are also not changing policy in a big way. We do not want to create any unstable situation," Pandey said.

Finance minister Nirmala Sitharaman announced in her budget speech that a new income tax bill will be introduced soon which will be simpler to understand and will reduce litigation. The new bill will replace the six-decade-old Income Tax Act.

[The Economic Times]