New Income Tax Bill 2025: This time in her budget speech, Finance Minister Nirmala Sitharaman had announced that a new income tax law will come in the country very soon. For this, the new bill has been approved and soon it will be passed as a law by the Parliament. But how will this new law affect the common taxpayers?
Very soon the new Income Tax Act will replace the Income Tax Act-1961 in the country. For this, the Income Tax Bill-2025 has been prepared and soon it will be approved by the Parliament. When Finance Minister Nirmala Sitharaman read her budget speech on 1 February 2025, she also talked about bringing this new bill in Parliament. So what will this new Income Tax Law be like and what will be its effect on common taxpayers? Let’s understand…
Finance Minister Nirmala Sitharaman recently informed during an interview that the government will introduce the new Income Tax Bill in Parliament during the budget session next week. After this, the bill will be reviewed by a parliamentary committee, and on the basis of its recommendations, necessary changes will be made and it will be passed by the Parliament. After being passed by the Parliament, the government will issue its notification and it will become a law.
What will the new income tax law be like?
The way the government has focused on the new tax regime in the budget and has not made any changes to the old tax regime, it also shows the government’s intention regarding the new income tax law, that the new law will focus on promoting this tax regime. Also, the Finance Minister has told in his budget speech what will be the nature of this new law?
In the new income tax law, the government’s focus is on making it easier. Therefore, the government can eliminate many unnecessary provisions, rather it can be almost half the size of the current law. Apart from this, emphasis has also been laid on simplifying the definitions of the law. In this, the government can simplify the rules from resident rule to tax structure and rules for following the law.
How will this affect taxpayers?
Now if the new income tax law comes, then it will affect the common taxpayers in many ways. You can understand it like this…
- By simplifying the language and rules of Income Tax Act, it will be easier for taxpayers to understand it.
- Having simpler laws will make it easier for taxpayers to file income tax returns.
- This will promote compliance with income tax laws among taxpayers.
- This law will make the income tax rates correct and according to the global standards, due to which India will emerge as a good option for doing business in the world.
- If the language of the law is simple, legal disputes related to income tax will reduce.
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