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Parliament Budget Session: Nirmala Sitarman today captured the new Income Tax Bill, 2025 in the Lok Sabha 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 Sitarman on Thursday introduced the new Income Tax Bill, 2025 in the Lok Sabha. He announced the introduction of the bill in the ongoing budget session of Parliament during his budget speech on 1 February.
The aim of the new Income Tax bill is to simplify the language by removing the jargon and unnecessary provisions and using brief sentences. It is introducing a new word called ‘Tax Year’, which eliminates complex words like ‘last year’ and ‘evaluation year’.
The new Income Tax bill consists of 536 sections, 23 chapters and 16 schedules within 622 pages, while the current Income Tax Act, 1961 has 298 sections, 23 chapters and 14 schedules.
More to follow more…
