Income tax bill: Union Finance Minister Nirmala Sitharaman presented the country’s budget for FY 2025-26 on 1 February 2025. In her budget speech, Nirmala Sitharaman announced the new Income Tax Bill, which was approved by the cabinet under the chairmanship of Prime Minister Narendra Modi last week. The new income tax bill of the country can be introduced in Parliament tomorrow i.e. Thursday, February 13. After the cabinet approval on 7 February, it was expected to be introduced next week. After getting the approval of the cabinet, the Finance Minister interacted with the media on the matter.
Income tax bill will be passed after passing through long process
Talking to the media on 8 February last week, Union Finance Minister Nirmala Sitharaman said that a new Income Tax bill would be introduced in Parliament next week (currently). The Finance Minister had said that after the bill is introduced in the Lok Sabha, it will be sent to the Parliamentary Finance Standing Committee for further discussion. He had said that the Parliamentary Committee will give its recommendations on this bill, after which it will be sent to the cabinet once again. Following the recommendations of the Parliamentary Committee, it will once again need the cabinet approval. After getting the approval, this bill will be introduced in Parliament again.
New bill will replace Income Tax Act, 1961
Let us tell you that the new Income Tax Bill 2025 is a part of a big effort to improve India’s tax system. The aim of the new income tax bill is to improve the existing tax system and make it more streamlined, easy and transparent. Currently, the system is functioning under the Rules and laws of the Income Tax Act, 1961 in India. After passing the new Economic Tax Bill, this Income Tax Act will be formed and the Income Tax Act will replace 1961. The proposed bill will include an easy language for the convenience of taxpayers and the number of sections can be reduced by 25-30 percent under the efforts to make the tax rules and its section easier.
Latest business news