Finance Minister Nirmala Sitharaman to Introduce Income-Tax Bill 2025 in Lok Sabha

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Tags : Income-Tax Bill 2025, Nirmala Sitharaman, tax reforms India, new income tax laws, Lok Sabha bill update, budget 2025, Indian economy news | Published at : 13 Feb 2025 10:13 AM | Author : Gaurav Singh (gauravsinghigc)

Finance Minister Nirmala Sitharaman is set to present the Income-Tax Bill 2025 in the Lok Sabha on February 13. The bill aims to bring key tax reforms, new slabs, and exemptions impacting individuals and businesses across India.

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📜 Finance Minister Nirmala Sitharaman to Introduce Income-Tax Bill 2025 in Lok Sabha

New Delhi, February 13: Finance Minister Nirmala Sitharaman is set to introduce the Income-Tax Bill 2025 in the Lok Sabha today. The Bill aims to modernize and streamline tax laws, replacing the six-decade-old Income Tax Act of 1964.

🔹 Objective of the New Income-Tax Bill 2025

The new Bill does not impose any additional taxes but seeks to simplify and consolidate existing tax regulations. It is expected to come into effect from April 2026, making tax laws more transparent and easier to understand.

📌 Key Highlights of the Income-Tax Bill 2025

📑 Elimination of obsolete sections to reduce litigation and improve tax compliance.
📝 Simplified terminology: Concepts like ‘assessment year’ and ‘previous year’ will be replaced with ‘tax year’ to simplify tax filing.
🚀 Modernized language: Removal of complex legal jargon such as ‘notwithstanding’ and replacing it with ‘irrespective’.
🛑 Omission of redundant provisions, such as those related to Fringe Benefit Tax.

📅 What Changes for Taxpayers?

The shift to a ‘tax year’ system means income earned between April 2024 and March 2025 will be assessed in the same period, removing the need for a separate assessment year.

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Income Tax Bill 2025, new tax laws India, Nirmala Sitharaman tax reform, Lok Sabha tax bill, Indian taxation updates, new income tax law India, Finance Minister budget updates, tax year system India, tax compliance reforms, Blogs By Gaurav Singh (Gauravsinghigc)