New Income Tax Bill Presented: Finance Minister Nirmala Sitharaman on Thursday introduced the new Income Tax Bill 2025 in the Lok Sabha. After being introduced in the Lok Sabha, it has been sent to the Select Committee for review.
New Income Tax Bill Presented: Finance Minister Nirmala Sitharaman on Thursday introduced the new Income Tax Bill 2025 in the Lok Sabha. After being introduced in the Lok Sabha, it has been sent to the Select Committee for review. With this, Lok Sabha Speaker Om Birla has adjourned the proceedings of the lower house till March 9. Now the second session of the budget session will begin on March 10 at 11 am. The committee can submit its report on the first day of the second budget session. Once this committee submits its final report, Parliament will consider it to pass the bill.
Let us tell you that in the new bill, the government has emphasized on simplification of laws. The new law will replace the old Income Tax Act, 1961, which has become outdated at present and has become very complicated due to frequent amendments. In the new Income Tax Bill 2025, the government has emphasized on reforms and simplification of the law.
Number of sections reduced
The number of sections in the new Income Tax Bill 2025 has been reduced from 819 to 536. Unnecessary exemptions have been eliminated in this and the total word count in the new bill has been reduced from 5 lakh to 2.5 lakh. The new Income Tax Bill focuses on making things easier. Also, ‘assessment year’ has been replaced with ‘tax year’.
Preparation to implement from FY 2026-27
The government is trying to implement the new tax law from the financial year 2026-27. Through the bill, no work has been done to change the existing tax slab or reduce the tax exemption given. The aim of this bill is to make the six-decade-old law compatible with the current times. This will strengthen India’s tax base and improve income stability in the long run.
Attempt to simplify tax laws
This law also brings India’s tax system closer to global best practices. A key feature of the new Income Tax Bill 2025 is that it focuses on technology-driven assessments. To ensure greater clarity, the new Income Tax Bill also includes tables, examples and formulas to explain tax provisions to make interpretation easier for individuals and businesses. By simplifying tax laws, the new Income Tax Bill 2025 is an attempt by the government to make businesses focus on growth and not on tax planning. This will help in increasing the country’s economy.
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