Friday 25th of April 2025

Follow Us

Breaking News

Finance Minister Sitharaman tables new Income Tax bill in Lok Sabha

 NEW DELHI: Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of tax reforms aimed at streamlining and simplifying provisions to make them easier to understand and reduce the scope for legal disputes.

The legislation will replace the Income Tax Act, 1961, which has undergone extensive modifications over the past six decades.

The bill will be sent to the Select Committee of Parliament before being presented for final approval. The new law is expected to take effect on April 1, 2026.

The primary objective of the new Income Tax Bill is to simplify tax laws, making them more transparent, easier to interpret, and taxpayer-friendly. By replacing complex provisions with clearer language, it aims to reduce legal disputes and encourage voluntary tax compliance.

The bill may introduce lower penalties for certain offences, making the tax system more accommodating for taxpayers.

 

 The Income Tax Bill has been condensed to 622 pages and contains 536 clauses. It will replace the existing 64-year-old law, which spans 823 pages with 819 sections. The proposed bill seeks to simplify legal language by introducing clearer terms, such as replacing “assessment year” with “tax year.” It also eliminates various convoluted provisions and explanations to enhance readability and reduce legal ambiguities. Additionally, certain archaic clauses are being removed as part of the simplification process.

The new bill also introduces explicit provisions for virtual digital assets and updates beneficial tax rates. This ensures that digital assets, such as cryptocurrency, are covered under a proper tax framework.

The bill will not alter existing tax slabs or revise the tax rebate structure. Instead, it focuses on making the six-decade-old legislation more user-friendly.

“This reform is a significant step toward modernizing India’s tax framework, bringing greater clarity and efficiency. The bill promises a more streamlined, accessible tax system, making it easier for citizens and businesses to fulfill their obligations while fostering trust in the system,” said Rohinton Sidhwa, Partner, Deloitte India.

The first part of the Budget Session of Parliament concluded on Thursday, with the second part scheduled to resume on March 10. The session is being held in two phases—January 31 to February 13 and March 10 to April 4.

Related Business News

Gold hits Rs 1 lakh per 10 grams for the first time

Gold prices soared to an all-time high on Tuesday, with the rate of 24-carat gold touching Rs 1,00,000 per 10 grams for the first time ever.  According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold surged sharply from Rs 96,670 to Rs 1,00,000 per 10 grams &md....

Dhenkanal: Two killed in Rungta Steel Plant mishap

DHENKANAL:Two labourers died and three others injured in an accident occured in Rungta Steel Plant at Jharabandha here today.The deceased has been identified as Jitendra Behera and Purandar Pradhan of village Antabila in Dhenkanal district. According to informed sources, there was an erection work u....

Tensions Between China And US Escalates As Trump Further Imposes 245% Tariff

The tariff war between the US and China continues. Tensions between the two nations have escalated further after the US imposed a 245% tariff on Chinese goods. Meanwhile, China has responded to the tariffs imposed by the US. According to a Reuters report, China stated that if the US continues this t....

Gold Nears ?1 Lakh per 10 Grams!

 Gold prices continue to surge, hitting a new all-time high on Wednesday. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold rose by ?1,477 per 10 grams in the last 24 hours. As per IBJA, the price of 24-carat gold increased by ?1,477 to ?94,579 per 10 g....

People Of India Are being Looted By Govt, Emptying People's Pockets: Congress

By Jagadananda Pradhan (Fast Mail News):-- The Congress party has accused the government of "looting" people by increasing excise duty on petrol and diesel demanding an audit by the CAG as to how government policies benefited private companies. Congress general secretary in-charge com....

Links
Contact
Editor :
Jagadananda Pradhan
Email :
fastmail@yahoo.com
For Ads :
fastmailads@gmail.com
Ph : (+91)6764295999
Contact Us
© 2025 Fast Mail Media Pvt Ltd. All Rights Reserved.
Powered by : FM Media Pvt Ltd.
Developed by : Futuradept Tech