When is new Income Tax Bill likely to come into effect? Will the government provide ample time for taxpayers, tax experts and other stakeholders to understand the new law and its impact on them?
Finance Minister Nirmala Sitharaman will likely table the draft of the new income tax bill in the Parliament tomorrow i.e., on February 13, 2025. Many taxpayers want to know the expected date from which the new income tax law will take effect.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} According to government sources, the new Income Tax Act, 2025 will likely come into force from April 1, 2026, i.e., from the next year.
Also read: Income Tax Bill Expectations Live
The new income tax bill, once tabled in Parliament, is likely to be sent to the Standing Committee of Finance for review. Once the Standing Committee submits its final report, then Parliament will take it up for passing of the bill. The government is trying to bring the new Income Tax Act from the financial year 2026-27. The government is likely to provide ample time to all stakeholders such as taxpayers, tax experts and common citizens to understand the new tax bill and be well prepared for the new income tax laws.
Impact of new income tax bill on taxpayers
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Basics of Generative AI: Unveiling Tomorrows Innovations
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By - Metla Sudha Sekhar, IT Specialist and Developer
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, IT Specialist and Developer
Marketing
Performance Marketing for eCommerce Brands
By - Zafer Mukeri, Founder- Inara Marketers
Finance
A2Z Of Money
By - elearnmarkets, Financial Education by StockEdge
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Marketing
Modern Marketing Masterclass by Seth Godin
By - Seth Godin, Former dot com Business Executive and Best Selling Author
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By - Metla Sudha Sekhar, IT Specialist and Developer
Strategy
Succession Planning Masterclass
By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
AI and Analytics based Business Strategy
By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI
Marketing
Digital Marketing Masterclass by Pam Moore
By - Pam Moore, Digital Transformation and Social Media Expert
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By - Metla Sudha Sekhar, IT Specialist and Developer
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By - Metla Sudha Sekhar, IT Specialist and Developer
Finance
Financial Literacy i.e Lets Crack the Billionaire Code
By - CA Rahul Gupta, CA with 10+ years of experience and Accounting Educator
Artificial Intelligence(AI)
AI-Powered Python Mastery with Tabnine: Boost Your Coding Skills
By - Metla Sudha Sekhar, IT Specialist and Developer
The government is bringing the new income tax bill to simplify the language of the direct taxation of laws and reduce litigation. The new income tax bill is being brought after Budget 2024, in July, when the announcement of a review of the Income Tax Act 1961 was made. The review was announced as the current Income Tax Act is six decades old and has become mammoth due to amendments made via 60+ Budgets. The new income tax bill aims to consolidate and amend the income tax laws to provide ease to the taxpayers and tax certainty about the laws and regulations, as well as to reduce litigations due to redundant and obsolete provisions.
Also read | New income tax bill to introduce ‘Tax Year’: No more confusion of FY, AY as new bill is likely to remove assessment year, previous year
The review of the Income Tax Act 1961 was divided into four categories:
Simplification of LanguageLitigation ReductionCompliance Reduction, andRedundant/Obsolete ProvisionsUnion Finance Secretary, in the post-Budget 2025 media interaction, said that there will be no change in the tax rates as announced in the new tax regime. The new income tax bill aims to simplify the law and provide tax certainty to reduce future litigations. However, many tax experts are expecting changes in the penalty and prosecution laws of the Income Tax Act. Tax experts are anticipating decriminalisation of the many prosecution laws as specified under the current Income Tax Act.
#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
