New Income Tax Bill: The new Income Tax Bill, which replaces the six-decade-old Income Tax Act 1961, will make direct tax laws easier to read and understand, remove ambiguity and reduce litigation.
Modi Cabinet: The Union Cabinet on Friday approved the new Income Tax Bill. This bill will replace the six-decade-old IT Act. The new bill is an effort to make direct tax law easier to understand and will not impose any new tax burden. It will not have provisions and clarifications or difficult sentences.
According to sources, the Cabinet chaired by Prime Minister Narendra Modi approved the new Income Tax Bill. He said that the new Income Tax Bill will now be introduced in Parliament next week and it will be sent to the Standing Committee on Finance of Parliament. The first phase of the current budget session of Parliament is ending on February 13. The session will resume on March 10 and will continue till April 4.
Easy to read and understand laws
The new bill was announced by Finance Minister Nirmala Sitharaman in her budget speech. The new Income Tax Bill, which replaces the six-decade-old Income Tax Act 1961, will make direct tax laws easy to read and understand, remove ambiguity and reduce litigation. The new Act will be free from all amendments and sections that are no longer relevant. Also, the language will be such that people can understand it without the help of tax experts.
Rs 8,800 crore for ‘Skill India’ program
The Union Cabinet has approved the proposal to continue and restructure the ‘Skill India’ program till the year 2026 with an outlay of Rs 8,800 crore. Information and Broadcasting Minister Ashwini Vaishnav informed about this decision taken in the Union Cabinet meeting.
Vaishnav said that the Cabinet approved an outlay of Rs 8,800 crore to continue and restructure the Central Sector Scheme ‘Skill India Program (SIP)’ till 2026.
Pradhan Mantri Kaushal Vikas Yojana now part of Skill India
According to a circular issued by the government, this approval underlines the government’s commitment to build a skilled, future-ready workforce by integrating demand-driven, technology-enabled and industry-friendly training across the country.
Pradhan Mantri Kaushal Vikas Yojana 4.0 (PMKVY 4.0), Pradhan Mantri National Apprenticeship Promotion Scheme (PM-NAPS) and Jan Shikshan Sansthan (JSS) Scheme have now been merged under the overall Central Sector Scheme of ‘Skill India Programme’.
