New Income Tax Bill 2025 LIVE Updates: FM Nirmala Sitharaman's I-T Bill likely to be tabled in Parliament tomorrow
New Income Tax Bill 2025 LIVE Updates: The new income tax bill announced by Finance Minister Nirmala Sitharaman in the Union Budget, is expected to be presented in Lok Sabha on Thursday.
New Income Tax Bill 2025 LIVE Updates: The new Income-Tax (I-T) Bill, announced by Finance Minister Nirmala Sitharaman during her Budget speech on February 1, is likely to be tabled in the Lok Sabha on Thursday, as per reports.
Approved by the Union Cabinet on February 7, the bill was expected in Parliament this week. After being passed by the Lok Sabha the bill will be sent to the Parliament's Standing Committee on Finance for further discussions.
What FM Nirmala Sitharaman Said…
Speaking to the media on February 8, Sitharaman 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."
The new I-T Bill 2025 or the new direct tax code is part of a larger effort to reform 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, and litigations, and provide greater tax certainty to taxpayers.
- To this end, 22 specialized sub-committees have been established to review the various aspects of the I-T Act.
How Will the New Income Tax Bill Impact You?
The new income tax bill has been introduced to replace the nearly 60-year-old Income Tax Act, of 1961. The proposed bill will include simplified language to benefit taxpayers and may reduce the number of sections by 25-30 percent to simplify tax rules and their clauses.
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