Income Tax Department has given a big relief to the tax payers, CBTD introduced a new tool 

Big news for Income Tax payers. Taxpayers will find it much simpler to grasp the new Income Tax bill thanks to a new online tool launched by the Income Tax Department. This tool will not only help individuals determine their tax obligations under the new law but also clarify the previous provisions and highlight the changes proposed in the bill. 

The new Income Tax Bill has been introduced in Parliament to amend the old Income Tax Act of 1961. However, many taxpayers still struggle to comprehend its details and assess how the new law will affect their tax situation. To address this challenge, the Income Tax Department has created a user-friendly self-help tool on its website, making it easier for taxpayers to navigate the legal aspects relevant to them.

Will it take effect from April 1?

With this tool, calculating taxes will be straightforward, as it presents information in clear language, supplemented by tables and examples. Currently, the new Income Tax Bill is under review by the Select Committee of Parliament, which will provide its recommendations before the Monsoon Session. Following this, the government aims to pass the law in Parliament, targeting an implementation date of April 1 next year. Experts says, By this new tool taxpayers will be benefit.