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Income Tax Bill introduced - 10 things to know with detail

• The Income Tax Bill has been introduced in Parliament with the aim of making changes to the income tax laws in the country.
• The Bill proposes to amend the Income Tax Act, 1961 to provide for new tax rates and slabs for individuals and Hindu Undivided Families (HUFs).
• Under the new tax rates, individuals and HUFs have the option to choose between the existing tax rates and the new tax rates, which are lower.
• The new tax rates proposed in the Bill are as follows:
• - Income up to Rs. 5 lakh: Nil tax
• - Income between Rs. 5 lakh and Rs. 5 lakh: 5% tax
• - Income between Rs. 5 lakh and Rs. 5 lakh: 10% tax
• - Income between Rs. 5 lakh and Rs. 10 lakh: 15% tax
• - Income between Rs. 10 lakh and Rs. 5 lakh: 20% tax
• - Income between Rs. 5 lakh and Rs. 15 lakh: 25% tax
• - Income above Rs. 15 lakh: 30% tax
• The Bill also proposes to remove certain exemptions and deductions under the existing tax regime in order to simplify the tax structure.
• The government believes that the new tax rates will benefit taxpayers by reducing their tax liability and increasing their disposable income.
• The Bill also aims to promote compliance and widen the tax base by making the tax system more transparent and efficient.
• The proposed changes in the Income Tax Bill have been welcomed by taxpayers and tax experts, who believe that it will make the tax system more taxpayer-friendly.
• However, some critics have raised concerns about the impact of the new tax rates on the government's revenue collection and fiscal deficit.
• The Income Tax Bill will now be debated and discussed in Parliament before being passed into law. If approved, the new tax rates and slabs will come into effect from the next financial year.