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New Income Tax Bill LIVE: Finance Minister Nirmala Sitharaman may table the New Income Tax Bill in the Parliament on Tuesday. The intention to introduce the New Income Tax Bill was first announced by FM Sitharaman in her Union Budget 2025 speech.
The Union Cabinet approved the New Income Tax Bill on Friday. It will replace the existing Income Tax Act 1961, which has been in effect for six decades. The New Income Tax Bill will be introduced in the Parliament after which it will be sent to the Standing Committee on Finance for review.
The current budget session’s first phase concludes on February 13, with proceedings resuming on March 10 and continuing until April 4.
Finance Minister Nirmala Sitharaman announced during Budget 2025-26 that the New Income Tax Bill would be presented in the current parliamentary session.
Also Read | Income Tax Slabs FY 2025-26 explained: 20 FAQs individual taxpayers should check to understand tax rates, income tax benefit under new tax regime
The initial announcement regarding a comprehensive review of the Income-tax Act, 1961 was made by Sitharaman during the July 2024 Budget.
What is the New Income Tax Bill?
- The proposed New Income Tax Bill aims to simplify
direct tax laws whilst maintaining current tax obligations. - The New Income Tax Bill features concise language without complex explanations or lengthy sentences.
- The CBDT established an internal committee to supervise the review process, aiming to create a more straightforward and comprehensible I-T Act.
- This initiative seeks to minimise disputes and enhance tax certainty. Additionally, 22 specialised sub-committees were formed to examine various aspects of the Income Tax Act.
- The public was invited to contribute suggestions across four areas: language simplification, reduction in litigation, streamlining compliance, and identification of outdated provisions. The income tax department received 6,500 stakeholder suggestions regarding the Income Tax Act review.
- The Finance Secretary, Tuhin Kanta Pandey, has clarified that the forthcoming Bill shall be straightforward, devoid of lengthy explanations and complex provisions. The legislation will maintain tax neutrality.
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