Budget Session
Sitharaman to introduce new income tax bill in Lok Sabha on Thursday
This story was originally published at 21:27 IST on 12 February 2025
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--Sitharaman to Thu introduce bill in Lok Sabha to amend law on income tax
NEW DELHI – Finance Minister Nirmala Sitharaman will introduce the Income Tax Bill, 2025 in the Lok Sabha on Thursday, according to the revised list of bussiness for Lok Sabha on Thursday. "Nirmala Sitharaman to move for leave to introduce a Bill to consolidate and amend the law relating to income-tax," the revised list said.
The Union Cabinet had approved the bill on Friday. 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 Feb. 1 presenting the Budget for FY26. End
Reported by Shahid K. Abbas and Kuldeep Singh
Edited by Saji George Titus
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