New Delhi, Feb. 8 -- The Union cabinet on Friday approved the New Income Tax Bill that proposes to bring in a sweeping legal overhaul to make I-T regulation more concise and simple, incorporating the changed tax slabs and tax rates announced in the budget presented on February 1.
The bill will be introduced in Parliament next week and will likely be referred to the standing committee on finance for further scrutiny, one person aware of the development said. "The committee may also invite comments from the public," he added.
The cabinet also approved an allocation of Rs.8,800 crore to strengthen the Skill India Programme through multiple schemes aimed at young people, extended the tenure of the national commission for sanitation workers ti...