New Delhi. Union Finance Minister Nirmala Sitharaman introduced a new Income Tax Bill 2025 in the Lok Sabha today. This new income tax bill, which replacing the Income Tax Act, about six decades of old Income Tax Act 1961, will make the tax system simple and transparent. It will be easy to fill the return and it will be easy to read and understand the tax related rules law. Lok Sabha Speaker Om Birla requested to send the bill to the Parliamentary Committee. The Parliamentary Committee will give its recommendations on this bill, after which it will be placed before the House once again.
FM Nirmala Sitharaman Introduces The Income-tax Bill, 2025 in Lok Sabha@NSITHARAMAN @Finminindia @ombirlakota @Loksabhasectt pic.twitter.com/ic6cmkzptx
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Finance Minister Nirmala Sitharaman told about the introduction of the general budget on February 1 while presenting the new income tax bill. The term ‘tax year’ will now be used in the new income tax bill which is still called ‘Assessment Year’. The 12 -month time period from 1 April to 31 March will be counted in it. The old Income Tax Act is of 823 pages while the new income tax bill is shortened to 622 pages. The new income tax bill will protect the rights of taxpayers. It also includes taxpayers charter.
The Old Income Tax Act was based on the old structure, due to which there was a problem in understanding income tax laws and it was difficult to pay tax. Due to this, tax related legal matters are also faced many times. But now the new income tax bill will be easy to resolve tax disputes. It will also be easy to pay tax, digital transactions will increase. Let us tell you that this time in the general budget, Finance Minister Nirmala Sitharaman has given a huge relief to the middle class and tax free up to 12 lakh rupees annually.
