New Income Tax Bill 2025 LIVE Updates: The brand-new Income-Tax (I-T) Bill, revealed by Finance Minister Nirmala Sitharaman throughout her Budget speech on February 1, is most likely to be tabled in the Lok Sabha on Thursday, based on records.
Approved by the Union Cabinet on February 7, the costs was anticipated in Parliament today. After being gone by the Lok Sabha the costs will certainly be sent out to the Parliament’s Standing Committee on Finance for additional conversations.
What FM Nirmala Sitharaman Said …
Speaking to the media on February 8, Sitharaman stated: “… the New Income Tax proposition, I wish to have it presented in the Lok Sabha in the coming week. Post that it will certainly most likely to a board. The costs will certainly once again most likely to the Cabinet after the legislative board offers its suggestions on it. After Cabinet authorization, it will certainly once again be presented inParliament I still have 3 critical points to travel through.”
The new I-T Bill 2025 or new direct tax code is part of a larger effort to reform the India’s tax system. It aims to overhaul the existing tax structure to make it more streamlined and transparent.
Timeline of New I-T Bill
- FM Sitharaman first announced a comprehensive review of the Income-Tax Act, 1961 in the July 2024 Budget.
- The CBDT had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand.
- The aim was also to reduce disputes, litigations, and provide greater tax certainty to taxpayers.
- To this end, 22 specialised sub-committees have been established to review the various aspects of the I-T Act.
How Will New Income Tax Bill Impact You?
The new income tax bill has been introduced to replace nearly 60-year-old Income Tax Act, 1961. The proposed bill will include simplified language to benefit taxpayers and may reduce the number of sections by 25-30 per cent in an effort to simplify tax rules and its clauses.
New Income Tax Bill LIVE: Timeline of New I-T Bill
- FM Sitharaman first announced a comprehensive review of the Income-Tax Act, 1961 in the July 2024 Budget.
- The CBDT had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand.
- The aim was also to reduce disputes, litigations, and provide greater tax certainty to taxpayers.
- To this end, 22 specialised sub-committees have been established to review the various aspects of the I-T Act.
New Income Tax Bill LIVE: What FM Nirmala Sitharaman Said About the Process
Speaking to the media, Finance Minister Nirmala Sitharaman on February 8, said: “…the New Income Tax proposal, I hope to have it introduced in the Lok Sabha in the coming week. Post that it will go to a committee. The bill will again go to the Cabinet after the parliamentary committee gives its recommendations on it. After Cabinet approval, it will again be introduced in Parliament. I still have three critical stages to pass through.”
New Income Tax Bill LIVE: Bill likely in the Lok Sabha tomorrow
New Income Tax Bill LIVE: The brand-new Income-Tax (I-T) Bill, revealed by Finance Minister Nirmala Sitharaman throughout her Budget speech on February 1, is most likely to be tabled in the Lok Sabha on Thursday (February 15). It was accepted by the Union Cabinet, chaired by PM Narendra Modi recently.
Good early morning and welcome to Livemint’s LIVE insurance coverage of the New Income-Tax Bill 2025. Stay tuned for the current information and advancements!
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