New Income Tax Bill 2025: The new Income Tax Bill will be introduced in the monsoon session of Parliament. This information was given by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday. The new Income Tax Bill-2025 will replace the six-decade-old Income Tax Act, 1961. It will simplify direct tax laws
New Income Tax Bill 2025: The new Income Tax Bill will be introduced in the next monsoon session of Parliament. Union Finance Minister Nirmala Sitharaman said in the Lok Sabha on Tuesday (March 25) that the new Income Tax Bill can be brought for discussion in the upcoming monsoon session of Parliament. She made this remark while responding to the discussion on the Finance Bill, 2025 in the House. Sitharaman mentioned that the Select Committee is considering the ‘Income Tax Bill, 2025′.
Nirmala Sitharaman expressed hope that the bill can be brought for discussion in the upcoming monsoon session of Parliament. The Finance Minister introduced the Income Tax Bill, 2025 in the Lok Sabha on February 13. After this, Lok Sabha Speaker Om Birla was requested to send it to the Select Committee of the House.
Lok Sabha Speaker Om Birla constituted a 31-member Select Committee on February 14 to consider this bill. Bharatiya Janata Party (BJP) MP Baijayant Panda has been made the chairman of this committee. This Bill will replace the Income Tax Act, 1961.
What is the purpose of the bill?
The bill aims to simplify and modernise India’s tax system. It will also simplify the legal language so that taxpayers can easily understand the provisions. No new taxes will be imposed under the bill. Instead, the bill will focus on simplifying tax laws, reducing legal complexities and making compliance easier for taxpayers.
It will simplify direct tax laws. Remove ambiguities and reduce tax disputes. The Finance Minister said that the process of simplification is based on three main principles. This includes text and structural simplification for clarity, no changes in tax policy to ensure certainty and consistency.
No amendments to tax rates to maintain predictability for taxpayers. Based on global best practice, the bill aims to bring ease of doing business by providing clarity in tax rules. The number of words in the new Income Tax Bill has been reduced to 2,59,676. This figure was at 5,12,535 in the old Income Tax Bill.
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
