New Delhi: Union Finance Minister Nirmala Sitharaman is set to introduce the Income-Tax Bill 2025 in the Lok Sabha today. The bill aims to simplify and modernize the existing tax structure, replacing the Income-Tax Act of 1961.
The proposed legislation seeks to streamline tax provisions, reduce complexities, and make compliance easier for taxpayers. Despite having 238 additional sections compared to the 1961 Act, the new bill is expected to be more concise and user-friendly.
Following its introduction, the bill is likely to be referred to a parliamentary committee for a detailed review before being considered for passage by both Houses of Parliament. Once approved and signed by the President, it will become law.
The government has taken into account over 7,000 suggestions from various stakeholders while drafting the bill. Key focus areas include simplification of language, removal of outdated provisions, and improved mechanisms for dispute resolution.
The introduction of the Income-Tax Bill 2025 is seen as a significant step towards enhancing transparency, boosting tax compliance, and aligning India’s taxation system with global best practices.
