BUDGET
Govt to introduce new Income Tax Bill next week, says Sitharaman
This story was originally published at 15:26 IST on 1 February 2025
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--BUDGET: New income tax bill will be clear, with half the present laws
--BUDGET: To introduce new income tax Bill next week
NEW DELHI – The government will introduce a new Income Tax Bill next week, Union Finance Minister Nirmala Sitharaman said in her speech while presenting the Union Budget for the financial year 2025-26 (Apr-Mar) Saturday. She said the new Bill would be simpler and would make it easier for taxpayers to calculate taxes and file returns.
"I am happy to inform this august House and the country that the new Income-Tax Bill will carry forward the same spirit of 'Nyaya'," Sitharaman said. "The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation."
In October, the Central Board of Direct Taxes had set up an internal committee to carry out a comprehensive review of the Income-Tax Act, 1961, aimed at making the Act concise and lucid. The committee was considering simplifying the current systems for tax deduction at source and tax collection at source, which have become increasingly complex with 71 sections governing intricate procedures. The committee was also considering creating a single comprehensive schedule of rates, similar to the Customs Tariff Act, that would replace the existing 71 sections.
The new law plans to reduce the length of the Income Tax Act, 1961, by as much as 60%. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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