LS passes new I-T Bill in just 3 mins
The Bill, which streamlines TDS, exemptions and other compliance-heavy provisions as also allows individuals to claim refunds without penalty on delayed filings, was passed as the opposition parties continued to disrupt proceedings over allegations of irregularities in the special intensive revision (SIR) of electoral rolls in Bihar.
Union Finance Minister Nirmala Sitharaman introduced an updated version incorporating recommendations made by a Parliamentary panel.
Amid slogan shouting by the opposition, the bill was put to vote and passed by voice vote.
The Bill will now go to the Rajya Sabha for approval and thereafter to the President for assent. It will become law once the Presidential assent is provided. The new bill reduces the size and complexity of the current Income Tax Act, drastically cutting the number of effective sections and chapters and nearly halving the word count.
"Almost all of the recommendations of the Select Committee have been accepted by the Government. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately," said the statement of Objects and Reasons of the Income Tax (No 2) Bill. It does away with the confusing concepts of assessment year and previous year, replacing them with easier to understand 'tax year'.
According to the revised Bill, individuals will be allowed to claim TDS refund even if their return of income is filed beyond the statutory timeline provided for filing of the original income-tax return.
Thus, the Finance Ministry has incorporated the provision of the existing Income Tax Act, 1961.
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