New Income Tax Bill 2025: Today, the Modi administration has the opportunity to make a significant decision regarding this bill.
New Income Tax Bill 2025: Today, the Modi administration has the opportunity to make a significant decision regarding this bill. According to rumors, this law is expected to win approval in the cabinet. The purpose of this measure is to provide relief to taxpayers and streamline the tax system.
New Income Tax Bill 2025:Important choice can be taken today
The Central Government is expected to adopt the revised Income Tax Bill shortly, according to sources. This law may be approved by the Cabinet today, according to reports. India Today said that the Cabinet might approve the new Income Tax Bill or the new Direct Tax Code today. During the announcement of the Union Budget 2025, Union Finance Minister Nirmala Sitharaman declared that the government will bring a new Income Tax Bill that would make paying taxes easier for taxpayers.
The 1961 Income Tax Act will be superseded by the new bill.
The current Income Tax Act of 1961 will be replaced by this new measure, which aims to simplify and clarify the tax laws. For taxpayers, the government wants to make the tax process more straightforward and easy. Special attention has been paid to simplifying the terminology and streamlining the tax structure in this measure.
New Income Tax Bill 2025: The Modi administration has a significant decision to make today, and the new income tax bill might be approved.https://t.co/WXTeUrwxff pic.twitter.com/zUVtsAvRmv
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There will be respite for taxpayers.
During the Budget 2025–2026 announcement, Finance Minister Nirmala Sitharaman stated that the new Income Tax Bill would be simpler and more transparent, improving the taxpayer experience. He claimed that by passing this law, the government is making significant progress in expediting tax reforms and providing taxpayer assistance.
What potential alterations might occur?
It is anticipated that this new income tax bill will expand tax exemption limits, streamline several tax bands, and potentially alter tax rates. It might also contain a number of clauses that facilitate tax compliance and encourage digital transactions.
The bill will be tabled in Parliament and require the President's permission to become law if the Cabinet gives its consent. Tax professionals think that this bill's implementation will greatly benefit taxpayers and make India's tax system more efficient and contemporary.
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