The Income Tax Department has launched a tool for taxpayers through which you will be able to easily understand the legal provisions of your work.
Income Tax : It will be easy for taxpayers to understand the new Income Tax bill. The Income Tax Department has launched an online tool on its website, with the help of which taxpayers will not only be able to determine their tax liability in the new law, but will also be able to easily understand the old provisions and what new provisions are proposed in the bill in its place.
New Income Tax Bill introduced in Parliament
Let us tell you that the government has introduced a new bill (Income Tax Bill) in Parliament to replace the old Income Tax Act of 1961. But it is still very difficult for the common taxpayer to understand its provisions and calculate how much profit or loss he will incur on the tax front in the new law.
Taxpayers will get convenience
To solve this problem, the Income Tax Department has launched a self-help utility or tool on its website through which the taxpayer will be able to easily understand the legal provisions of his work.
Will it be implemented from April 1?
Through this tool of the Income Tax Department, it will be easy for taxpayers to calculate tax. This is because the calculation has been explained in simple language through tables and examples. At present, the new Income Tax Bill has been sent to the Select Committee of Parliament. So that it can submit its recommendations to the Parliament before the Monsoon Session. After this, the government will try to get this law passed by the Parliament so that it can be implemented from April 1 next year.
