The Union Budget 2025 announced that the Ministry of Finance will table the new Income Tax Bill in front of the Union Cabinet this week. Union Finance Minister Nirmala Sitharaman, in her annual press conference after the Budget, said that she hopes that the bill passes without any difficulties.
The Indian government aims to bring simplicity to the taxpayers with the new income tax bill and also announced that it will be 50% less in text and clearer compared to the previous one.
Income Tax Bill News LIVE: New income tax bill to be ‘simple to understand’
Income Tax Bill News LIVE: The Government of India expects the upcoming income tax bill which is set to be approved by the Union Cabinet on Friday, February 7 is expected to be simple to understand for taxpayers.
“It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation,” as per the Budget 2025 announcement.
Income Tax Bill News LIVE: Govt aims new bill to be ‘clearer’ and ‘lesser text’
Income Tax Bill News LIVE: The Indian government aims that the new income tax bill will be clearer and expected to have 50% less text, as per FM Nirmala Sitharaman’s Budget 2025 announcement.
“The New Income Tax Bill will be clearer and will have around 50% lesser text compared to the present law, in terms of both chapters and words,” according to the Union Budget announcement.
Income Tax Bill News LIVE: Union Cabinet is likely to approve the new bill
Income Tax Bill News LIVE: According to media reports, Union Cabinet is likely to approve the new Income Tax Bill on Friday and the bill is likely to be introduced next week.
