Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill in the Lok Sabha on 13 February. The implementation of this bill will get rid of complex rules of income tax and their complex language. Words like assessment year and financial year will be farewell. After presenting the bill, the Finance Minister requested the Lok Sabha Speaker to send it to the Standing Committee of Parliament on Finance. The question is, what is in this bill?
Such PDF can download
If you have a new income tax bill 2025 (New income tax bill) If you want to know about its PDF (New income tax bill pdf) Can download. For this, you have to go to (https://sansad.in/ls/ls/bills). If you want, you can also download PDF by clicking on this link. On the implementation of this bill, the Income Tax Act, 1961 will become history. This bill has 622 pages. These include 536 sexes, 23 chapters and 16 schedules.
Complex words have been removed from use
In this bill, tax year has been used instead of assessment year. Previous year has been used instead of financial year. Many older sexes have been abolished this bill. Fringe benefits tax is an example of this. Many such words have been removed, which have been considered quite complex. This bill emphasizes the use of small sentences. TDS, tables are provided for promotive taxation and deduction.
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Taxpayers Charter has been included
One of the special features of the new income tax bill is that it has included taxpayers charter. It explains the rights and responsibilities of taxpayers. After appearing in the Lok Sabha, the new bill has gone to the Standing Committee of Parliament. The committee will discuss this bill extensively. The members involved in the committee will review every aspect of this bill. Then the government will pass this bill in Parliament. This will come into force after the President’s approval. It is being told that the government’s effort is to implement it from April 1 next year.