The government has withdrawn the first version of the Income Tax Bill, 2025. This bill was introduced in the Lok Sabha by the government on 13 February this year. This income tax was replacing 1961, which is currently applicable. Sources told Moneycontrol on August 8 that the first version of the new income tax bill has been formally withdrawn.
A new version of the bill will be introduced on August 11
Government Income Tax Bill, 2025 The second version of will present on 11 August. It is said that the recommendations of the Parliamentary Committee have been included in this version. The Income Tax Bill, 2025 was reviewed by the Parliamentary Committee headed by BJP MP Baijayant Panda. After that he advised the government to make several changes in the bill in the interest of taxpayers, especially small taxpayers.
First version took back to prevent confusion from becoming confusion
Sources said that the government did not want to allow confusion due to the Income Tax Bill, several weights of 2025. So he has completely withdrawn the first version. The new version of the bill will be introduced in the Lok Sabha on 11 August. The government wants to implement this bill from the next financial year i.e. April 1, 2026. After its implementation, the rules and laws of about 6 decades of old tax will change completely. Will take new rules instead of old rules.
Easy to understand the language of new income tax bill
The government wants to pass the Income Tax Bill, 2025 to make the current rules of income tax easier. The new bill includes easy terms and conditions in place of complex rules and laws. Efforts have been made to make the language of income tax and conditions easier. The words have been removed which are considered difficult. Right now the rules of income tax are implemented, its language is quite difficult. Understanding them for a common taxpayer is crooked kheer.
There have been 65 amendments in Income Tax Act, 1961
Currently, the Income Tax Act, 1961 is applicable. This is applicable from 1 April 1962. So far 65 amendments have been made in it. More than 4,000 amendments have been made in its different provisions. Taxpayers need to keep in mind that there will be no change in tax rates after the implementation of the new Act of Income Tax from the next financial year. The government has clarified the situation in this regard last month. The government had tried to clear the situation on the reports, which said that the rules of long -term capital gains would change when the new act is implemented.
New income tax bill will be applicable from April 1 next year
The government had said that the new bill will not change the tax rates. The government had also said that if any kind of confusion arises in this regard, it will be removed while passing the bill in Parliament. After the bill is introduced in the Lok Sabha, there will be widespread discussion. A separate time will be fixed for this. Then it will be discussed separately in the Rajya Sabha. After passing both houses, it will be sent to the President for approval.