Finance Minister Sitharaman likely to introduce New Income Tax Bill in Lok Sabha today:

Finance Minister Sitharaman likely to introduce New Income Tax Bill in Lok Sabha today Union Finance Minister Nirmala Sitharaman is expected to introduce the New Income Tax Bill in the Lok Sabha today. The new bill is intended to replace the 60-year-old Income Tax Act. Sitharaman told the reporters on Saturday that she intends to table the bill in Parliament soon. Following that, it will be forwarded to a House panel for further review. Earlier on Friday, the Union Cabinet, led by Prime Minister Narendra Modi, approved the New Income Tax Bill. Sitharaman mentioned a complete study of the Income-Tax Act of 1961 in her Budget speech in July 2024. According to the Centre, the new Bill will completely reform the current system, making direct tax legislation much easier to understand for everyone.

What to expect in New Income Tax Bill 2025?

Amidst anticipation that the new Bill may bring new taxes, the Centre has stated that the Bill's goal is to streamline current tax rules and will not impose any new cesses. The report says that the new bill will include various revisions aimed at decreasing litigation. The bill strives to be more people-friendly, with less harsh measures for violations. One of the most talked-about aspects of the bill is making the tax framework's language more understandable. The government claims that this will assist average taxpayers in comprehending the nitty-gritty of the legislation.