New Income Tax Bill 2025 to be introduced by FM Nirmala Sitharaman in Parliament today: Check time, other details The new Income Tax Bill will replace the Income Tax Act of 1961. The new tax bill is being brought to simplify the tax laws and remove obsolete and redundant laws
Finance Minister Nirmala Sitharaman will introduce the new Income Tax Bill 2025 to Parliament today. The new Income Tax Bill, once it is passed by the Parliament, is set to replace the existing Income Tax Act of 1961. According to government sources, the new Income Tax Bill will be effective from April 1, 2026. The new Income Tax Bill is being brought to simplify the current Income Tax Act and consolidate and amend the income tax laws.#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;}
When will new Income Bill 2025 be introduced in the Parliament?
According to the revised business list published on the Lok Sabha website, the new Income Tax Bill will be introduced anytime between 11 Am and 3:30 PM. The new Income Tax Bill will be introduced under the Legislative Business of the Parliament. It is listed as the 27th item of the revised list of business of the Lok Sabha for February 13, 2025.What is new Income Tax Bill 2025 likely to contain?
The new Income Tax Bill is being brought to simplify the current income tax laws. The current Income Tax Act of 1961 has been amended via different Finance Acts and other amendments since its existence. Due to various changes, the current Income Tax Act has become mammoth, leading to litigation.The new Income Tax Bill will have simplified language, be concise and be easy to read. The language is simplified so that even a common man can under the existing income tax laws. Further, the simplified language will help to reduce tax litigation and provide income tax certainty.
According to government sources, the new Income Tax Bill will likely make some changes to simplify the understanding of tax law. The new Income Tax Bill will likely replace the concept of assessment year and previous year (financial year) with the 'Tax Year' concept. This will be in line with the global best practices. Further, the new Income Tax Bill has replaced the current structure of provisos, provisions and explanations with the sub-sections. This is done to provide a more structured approach to the tax laws.
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However, unlike the global practice of following the calendar year as a tax year, the new Income Tax Bill has not changed the definition of the tax year. As per the new Income Tax Bill, the tax year will start on April 1 and end on March 31, which is the financial year.
Unlike the current Income Tax Act, where different tax laws are scattered, the new Income Tax Bill provides a more structured approach. Due to this, the new Income Tax Bill may see a change in the sections. For instance, the new tax regime governed by Section 115BAC of the Income Tax Act 1961 might see a section change in the new Income Tax Bill.
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This story originally appeared on: India Times - Author:Faqs of Insurances
