New Delhi, Feb. 10 -- The new Income Tax Bill is contemplated to raise the level of transparency in tax laws by adopting clear and unambiguous language in tax provisions which allows the taxpayers to easily understand their obligations and rights, industry experts said on Monday. Union Finance Minister Nirmala Sitharaman is expected to introduce the Income Tax Bill this week, which would go to the Parliament's Standing Committee on Finance for scrutiny. With the commitment of the government to 'trust first, scrutinise later', the proposal for an introduction of new IT Bill has been a matter of current buzz.

Various stakeholders are anticipating numerous changes as compared to erstwhile income-tax law. "It is expected that the new IT Bill...