New Income Tax bill introduced in Lok Sabha
THE JHARKHAND STORY DESK New Delhi, Feb 13: The new Income Tax Bill 2025 was introduced in the Lok Sabha today,…
THE JHARKHAND STORY DESK
New Delhi, Feb 13: The new Income Tax Bill 2025 was introduced in the Lok Sabha today, Thursday. Finance Minister Nirmala Sitharaman presented the bill, stating that more than 4,000 amendments had been made to it.
She also responded to the concerns raised by MPs Manish Tewari and Saugata Roy regarding the new tax bill.
Later, the bill was referred to the Parliamentary Standing Committee for further review.
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The 622-page bill is set to replace the six-decade-old Income Tax Act of 1961 and will be known as the Income Tax Act 2025 once implemented.
The new Income Tax Bill 2025 will come into effect from April 1, 2026.
Notably, the language of the new tax bill has been simplified to ensure that taxpayers can easily understand it.
