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Finance Minister Nirmala Sitharaman on Thursday asserted that the new Income Tax Bill does not have merely mechanical but structural changes.
She introduced the Bill in the Lok Sabha. She requested the Speaker Om Birla to constitute a Select Committee for examining the Bill. “The committee will be urged to submit its report by the first day of the next session (Monsoon Session),” she said when TMC and Congress members opposed the Bill. The new Bill, once enacted, will replace the Income Tax Act 1961.
“The current Income-tax Act was enacted in 1961 and came into existence with effect from April 1, 1962. It has been amended nearly 65 times with more than 4,000 amendments,” she said while justifying the need for a new Bill.
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