Income Tax Bill
Cabinet approved new Income Tax Bill on Friday, says govt official
This story was originally published at 21:41 IST on 7 February 2025
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NEW DELHI - The Union Cabinet on Friday cleared the new Income Tax Bill, a government official said. Finance Minister Nirmala Sitharaman will now table the Bill in Parliament next week.
Announced in the full Budget for 2024-25 (Apr-Mar), the new Income Tax Bill aims to simplify the Income Tax Act, 1961, and make it simpler, more lucid and easier for taxpayers to calculate taxes and file returns.
Following the announcement, the Central Board of Direct Taxes had set up an internal committee in October to carry out a comprehensive review of the Income-Tax Act.
"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," Sitharaman said on Saturday, while presenting the Budget for FY26.
The new law plans to reduce the length of the Income Tax Act, 1961, by as much as 60%. End
Reported by Kuldeep Singh
Written by Priyasmita Dutta
Edited by Deepshikha Bhardwaj
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