What is new Income Tax Bill announced by Finance Minister Nirmala Sitharman and why it will replace the Income Tax Act
new income tax bill is likely to be tabled in the Parliament this week. The new income tax bill has been cleared by the Union Cabinet on February 7, 2025. Finance Minister Nirmala Sitharaman announced in Budget 2025 that she will table the new income tax bill in the Parliament. According to media reports, the new income tax bill will likely be sent to the Standing Committee on Finance once it is tabled in the Parliament.
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What is new income tax bill?
The new income tax bill will replace the current Income Tax Act, 1961, once it is passed by the Parliament and the effective date of implementation for the same is announced.
Union Finance Secretary Tuhin Kanta Pandey has confirmed in media interaction that the new income tax bill will feature concise sentences without provisos and explanations, whilst maintaining tax neutrality.
The new income tax bill has come after Finance Minister Nirmala Sitharaman announced the review of the Income Tax Act, 1961, in Budget 2024 July. The review was announced to make the direct tax laws straightforward, clear and easily understandable. She further emphasised that the review of the Income Tax Act will be completed in six months.
Also Read | What new income tax bill could mean for taxpayers
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