New Delhi, Feb. 8 -- Aiming to put more money in the hands of the middle class and simplify the whole filing process, the new Income Tax Bill is set to be tabled in the Parliament next week after receiving approval from the Union Cabinet. The bill, which was granted approval in the Cabinet meeting chaired by Prime Minister Narendra Modi on Friday, will be introduced in the Parliament next week before it is sent to the Parliament's Standing Committee on Finance.

Before the Income Tax Bill was cleared by the Cabinet, people in the know said that the legislation would likely provide directions to widen the tax net, given the contraction in the tax base following the exemption limit being raised to Rs 12 lakh in the Union Budget. The current...