New Income Tax Bill 2025 LIVE Updates: New I-T bill to be tabled in Lok Sabha this week, how it will impact taxpayers?
New Income Tax Bill 2025 LIVE Updates: The new direct tax code or the new income tax bill announced by Finance Minister Nirmala Sitharaman in the Union Budget, is expected to be presented in Parliament this week. It was approved by the Union Cabinet on February 7.
New Income Tax Bill 2025 LIVE Updates: The Union Cabinet approved the new Income Tax Bill on Friday, February 7. The new direct tax code is expected to be introduced in the Lok Sabha this next week. This bill is part of a larger effort to reform the tax system and aims to overhaul the existing tax structure to make it more streamlined and transparent.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on February 7 approved the ew Income Tax bill, PTI reported citing sources. It will now be presented in the Parliament next week and will be sent to Parliament's Standing Committee on Finance, it added.
New I-T bill to be in Lok Sabha this week: How it will impact you?
The new income tax bill has been introduced to replace the early sixty-year-old Income Tax Act of 1961. The proposed bill will include simplified language to benefit taxpayers. According to a Business Standard report, the new I-T bill may reduce the number of sections by 25-30% in a bid to simplify tax rules andtheirs clauses.
New Income Tax Bill LIVE: Bill must align with global best practices to attract foreign investment, says S.R. Patnaik, Head of Taxation at Cyril Amarchand Mangaldas.
New Income Tax Bill LIVE: S.R. Patnaik, Head of Taxation at Cyril Amarchand Mangaldas, said the upcoming Income Tax bill is expected to align with global standards.
“With India’s growing role in the global economy and the increasing relevance of digital transactions, it would be difficult for the country to ignore international best practices," S.R. Patnaik, head of taxation at Cyril Amarchand Mangaldas, told Mint. “We are certain the new Act will align with global standards and India’s economic commitments."
New Income Tax Bill LIVE: What are the provisions that need to stay in the new I-T bill? Know from expert
New Income Tax Bill LIVE: According to Dipesh Jain, partner, of Economic Laws Practice, income from salary is quite clear in the existing Income Tax law and should remain the same in the proposed I-T bill. Other things that should remain are income from house property
New Income Tax Bill LIVE: New I-T bill will reduce complexity and ease compliance for taxpayers
New Income Tax Bill LIVE: The new I-T bill will reduce the omplexity related to clauses for taxpayers. Additionally, the new bill will also ensure simpler tax filing for both taxpayers and authorities.
New Income Tax Bill LIVE: Before the I-T bill, what were the other tax reforms implemented bythe Modi government for taxpayers?
New Income Tax Bill LIVE: Over the past decade, the Modi government has implemented several tax reforms for taxpayers including faceless assessment, taxpayers charter, Vivad se Vishwas scheme, etc.
New Income Tax Bill LIVE: How it will impact you?
The new income tax bill has been introduced to replacethe nearly sixty-year-old Income Tax Act of 1961. The proposed bill will include simplified language to benefit taxpayers.
New Income Tax Bill LIVE: How long it will take for the I-T bill to come into effect?
New Income Tax Bill LIVE: Finance Minister Nirmala Sitharaman has not provided any fixed timeline for the I-T bill. Shedding light upon the complete procedure of passingthe I-T bill in Parliament, FM said that first the I-T bill will be introduced in Lok Sabha then it will be reviewed by the committee.
After evaluation, the committee will give its recommendation and then it will be sent back to the government through the cabinet. Later, the cabinet will take a call on whether the suggested amendments are to be taken in or not.
"It's only after that it again goes to the parliament. So once the parliament passes, it is when they decide on when best to roll it out from," she added.
New Income Tax Bill LIVE: What will happen to the I-T bill after introduction in the Lok Sabha?
New Income Tax Bill LIVE: The I-T bill will be introduced in the Lok Sabha. After being tabled in LS, the bill will be sent for review to a committee.
"(I) hope to have it introduced in the Lok Sabha in the coming week," she said. Post the introduction, it will go to a committee for scrutiny.
New Income Tax Bill LIVE: I-T bill to replacesix-decade-oldd I-T law
New Income Tax Bill LIVE: The new income tax bill, after being passed in Lok Sabha and Rajya Sabha, will replace the sixty-year-old Income Tax Act 1961.
New Income Tax Bill LIVE: What are the three crucial stages the I-T bill has to pass before implementation?
New Income Tax Bill LIVE: While addressing the media, FM Nirmala Sitharaman said that the I-T bill will have to pass through three stages. After getting approved by the cabinet, it will be introduced in the Parliament, then it will be sent to the committee. After that, it will be sent back to the Cabinet for consideration.
"Yesterday, the Cabinet cleared 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," Sitharaman said in a media briefing after addressing the post-budget customary meeting with the central board of directors of the Reserve Bank of India (RBI).
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.
New Income Tax Bill LIVE: New income tax bill set to reduce the number of sections by 25-30 percent
New Income Tax Bill LIVE: The new income tax bill, set to be presented in Parliament this week, may reduce the number of sections by 25-30% in a bid to simplify tax rules and its clauses, reported Business Standard.
New Income Tax Bill LIVE: When will nthe ew I-T bill be introduced in Parliament?
New Income Tax Bill LIVE: There is no official confirmation about the date of the introduction of the new I-T bill at the Parliament. According to Tthe imes of India, FM Nirmala Sitharamal will introduce the new income tax bill in Parliament on Tuesday.
New Income Tax Bill LIVE: New I-T bill coming for you, here's what to expect
New Income Tax Bill LIVE: According to experts, the new tax law will simplify compliance and reduce disputes. It will also ensure that complications and details related to I-T law are simplified for common people.
New Income Tax Bill LIVE: When will the new income tax bill come into effect?
The new income tax bill is set to come into effect from the financial year 2025-26, and effective from the assessment Year 2026-27, according to the budget announcement of February 1, 2025.
New Income Tax Bill LIVE: New I-T Bill likely in Parliament this week
The Union Cabinet, chaired by Prime Minister Narendra Modi, on February 7 approved the new Income Tax bill, PTI reported citing sources.
It is now expected to be presented in the Parliament during this week and would be sent to Parliament's Standing Committee on Finance, it added.
Income Tax Bill News LIVE: New bill looks to reform the tax system, overhaul the existing structure
The Union Cabinet approved the new Income Tax Bill on Friday, February 7, potentially leading to its introduction in the Lok Sabha early next week. This bill is part of a larger effort to reform the tax system and aims to overhaul the existing tax structure to make it more streamlined and transparent.
Income Tax Bill News LIVE: New I-T Bill expected in Parliament this week
Good morning and welcome to Livemint's LIVE coverage of the new Income Tax Bill expected to be announced in Parliament this week
The new bill, announced by Finance Minister Nirmala Sitharaman in the Union Budget, was approved by the Union Cabinet on February 7.
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