Finance Minister Nirmala Sitharaman said that the new income tax bill will be introduced in Lok Sabha in the coming week, after getting cleared from the cabinet.
“Yesterday, Friday, the cabinet cleared the new income tax bill proposal. I hope to have it introduced in the Lok Sabha in the coming week. Post that, it will go to a committee, and as you know the process, the committee gives its recommendation it comes back, and then the government, through the cabinet, takes a call. Whether these amendments are to be taken in or some of them, or more need to be added, said Sitharaman on Saturday, last week
Budget 2025
The new income tax bill will not have long sentences, provisos or explanations. The bill will try to engage directly with the citizens instead of putting any new tax burden on them. The bill will also include the recent changes in the income tax rate labs and TDS tag deduced at source provisions.
The new bill will be clear and direct in text and will be similar to the old law by close to half in terms of both its chapters and phrases. It will be simple to understand for taxpayers and is expected to enhance tax certainty and reduce litigation.
The new income tax bill will replace the existing six-decade-old income tax act.
