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Parliament Budget Session: Nirmala Sitharaman tabled the new Income-Tax Bill, 2025, in Lok Sabha today in the Lok Sabha.
Parliament Budget Session: Income Tax Bill 2025 tabled in Lok Sabha (Photo: Sansad TV)
New Income Tax Bill: Union Finance Minister Nirmala Sitharaman on Thursday tabled the new Income Tax Bill, 2025 in Lok Sabha. She had announced the introduction of the bill in the ongoing Budget Session of the Parliament during her Budget speech on February 1.
The New Income Tax Bill aims to simplify tax language by removing jargon and unnecessary provisions and using concise sentences. It is introducing a new term called ‘Tax Year’, eliminating the complex terms like ‘Previous Year’ and ‘Assessment Year’.
The New Income Tax Bill contains 536 sections, 23 chapters and 16 schedules within 622 pages, while the existing Income Tax Act, 1961, has 298 sections, 23 chapters and 14 schedules.
More to follow…
