New Income Tax Bill 2025: Finance Minister Nirmala Sitharaman is going to introduce the new Income Tax Bill in Parliament on August 11.
New Income Tax Bill 2025: There is going to be a big change in the country once again regarding the income tax system. The new Income Tax Bill is going to be presented by the central government in the monsoon session of Parliament. Its date has also been decided. Finance Minister Nirmala Sitharaman is going to present this bill in Parliament on August 11.
According to information received from sources, through this bill, the government is going to completely change the existing Income Tax Act, 1961 and is preparing to bring a new law in its place. This is being considered a big step towards making the tax system more simple, technology-friendly and transparent.
Why was the new Income Tax Bill introduced?
The government’s aim is to bring such an Income Tax law which keeps in mind the needs of the present time. The law made in 1961 is still applicable in the country, but in the last few years there has been a big change in the digital economy, global investment and the profile of taxpayers. Keeping this change in mind, a new law has now become necessary.
The language of income tax will be easy
There are many clauses in the current law which are either no longer relevant or are so complex that it is difficult for common taxpayers to understand. This is why mistakes are made frequently in tax filing and taxpayers have to face notices or fines. The government says that the new law will eliminate all these problems and give taxpayers a simple, clear and digital-friendly framework.
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