New Delhi.Union Finance Minister Nirmala Sitharaman introduced a new income tax bill in the Lok Sabha of Parliament on Thursday. The new Income Tax Bill received the cabinet approval on 7 February last week. Today, after appearing in Lok Sabha (Lok Sabha), the new Income Tax Bill will be sent to the Parliamentary Finance Standing Committee for further discussion.
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.
The new Income Tax Bill 2025 (Income Tax Bill) is an important part of a major effort to improve India’s tax system. The aim of the new income tax bill is to improve the existing tax system as well as make it easier, well -organized and transparent. Currently, the system is functioning under the Rules and laws of the Income Tax Act, 1961 in India.
After passing the Income Tax Bill, this Income Tax Act, 2025 will be formed and the Income Tax Act will replace the 1961. Income tax sections will change under the new rules. Along with this, the new bill provides for tax year by abolishing such assets year. The tax year will start from April 1 and will run till 31 March next year. There is no mention of any new tax in the new bill. The new bill of 622 pages has 536 sections.
