Parliament Passes New Income Tax Bill, BJP MP Bhagwat Karad Highlights Benefits for Taxpayers and Economy

By A Staff Reporter

Parliament has approved the new Income Tax Bill, replacing the decades-old Income Tax Act of 1961. The legislation, which has undergone several rounds of deliberation and amendments over the years, is aimed at simplifying tax compliance, updating outdated provisions, and creating a more transparent framework for individuals and businesses.

BJP MP Bhagwat Karad stated that the older law’s complex language and multiple amendments had long posed challenges for taxpayers, chartered accountants, and business owners. The new Bill, he said, is designed to be clearer and more accessible, addressing long-standing demands for reform. He added that the changes are expected to bring significant relief to income tax payers and contribute to an increase in the country’s revenue.

In addition to discussing the tax reforms, Karad also emphasised the importance of the proposed Sports Bill. He said the initiative will establish a national-level committee to ensure equitable treatment for all sports disciplines, potentially strengthening the sports ecosystem in the country.