New Income Tax Bill: These are 10 key things to know; more succint, shorter bill to be tabled tomorrow

The New Income Tax Law is set to become a reality soon. Union Finance Minister Nirmala Sitharaman will table the new legislation in Parliament on Thursday .

Upon accesssing the first draft of the bill, we have realised that this is quite in line with what is being expected from it. It is certainly shorter, succinct and simpler to read piece of law.

These are key points to know

1. Income Tax Act 1961 has 823 pages as amended in 2024 where as the new income tax bill is spread across 622 pages. So it is shorter by 201 pages.

2. There are 536 sections, 23 chapters and 16 schedules.

3 Once this is passed in the Parliament, it will be referred to the Parliamentary standing committee on finance which will start the consultation.

4. Under Presumptive income tax limit, they have given a range, now between this range, the tax audit applicable.

5. The 44AD limit has been raised for business from 2 crore to 3 crore, whereas for professionals, it has been raised from ₹50 lakh to ₹1 crore

6. The Tax audit filing date has been extendeed from Sept 30 to Oct 31 and for tax income tax filing, the last date has been extended from Oct 31 to Nov 30.

(This is a developing story)