FINANCEOUTLOOKINDIAFEBRUARY, 20258WILL NEW INCOME TAX BILL DRIVE MORE TRANSPARENCY IN TAX LAWS?IPPOPAY INTRODUCES QR CODE UPI PAYMENT SOLUTIONS FOR SMALL BUSINESSES IN TAMIL NADUBy Finance Outlook India TeamThe new Income Tax Bill is expected to drive more transparency in tax laws by integrating clear and unambiguous language in tax provisions. This will further allow the taxpayers to easily understand their obligations and rights.FinMin Nirmala Sitharaman, is said to introduce the Income Tax Bill this week, which will then be taken to the Parliament's Standing Committee on Finance for scrutiny.The proposal for an introduction of a new IT Bill has been a matter of current buzz, with the commitment of the government to `trust first, scrutinise later'. Furthermore, various stakeholders are anticipating positive changes as compared to previous income-tax law."It is expected that the new IT Bill 2025 would address the issue of complexity in determining tax residency of an individual in India. Currently, it involves multiple conditions for qualifying an individual as a tax resident," highlighted Harsh Bhuta, Partner, Bhuta Shah & Co.The income tax law comprises a great deal of humongous tax provisions, currently, wherein, the new IT Bill is expected to address the challenges faced by the tax payers by eradicating certain redundant and obsolete provisions while reducing its volume considerably.Furthermore, as per the experts, the new IT Bill would not come up with new tax but will come up with an approach to focus on facilitating tax compliance in a better way.Adding to this, it is also expected that announcements for income-tax reliefs or amendments to the income-tax law will not require budget proposals, and the government can make the changes to relief by way of executive orders. In case of gross non-compliance, Bhuta further REPORT
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