Table of Contents
New Income Tax Act will be introduced by Government
Upcoming Income Tax Act is in the draft!
After GST, the Government of India is planning to introduce a new Income Tax Act Law. The discussion to revise the current act was on move from a year. The CBDT earlier constituted a team to draft the new law but in the latest notification dated 26 November 2018, the Ministry of Finance in an order reconstituted the team. The said team will have to submit their report to Ministry by February 2019. That is clear that the new act will come into effect by 2020 after clearing all approvals from the parliament.
Is India need the new Income Tax Act?
The Indian Economy is the fastest growing economy in the world. To co-op with the economic need and rapidly changing economy of the country, new income tax law is in need. You may know that the current Income Tax Law is 57 years old was effected in the year 1961.
However, the question is whether the new act will put a stop on evasion of tax and holding of the black money. Currently, $2 billion money deposited to Switzerland bank by India said Swiss Bankers Association and the Government of Switzerland in a report. The problem of tax evasion would require strong and strict and effective laws put in place.
The official notification is as follow:
To receive the latest notification on Income Tax Law and GST, Register on Charteredkid.com