Finance Minister Nirmala Sitharaman announced that the New Income Tax Bill will be introduced next week. The new Direct Tax Code will be introduced next week as part of the government’s efforts to streamline the taxation process. The announcement was made during the presentation of the Union Budget 2025 in Parliament on Saturday.
The Union Budget 2025 was presented before Parliament yesterday and the Central government announced a new Income Tax Bill, to be introduced next week, to simplify the present law and make it more accessible to the masses as well as bring down the number of pages to about 60%.
Finance minister Nirmala Sitharaman had also assured within six months after the election to the Lok Sabha, the budget announcement for July 2024, regarding a full-scale review of the Income Tax Act which is more than six decades old. Now, she confirmed during her presentation of Union Budget 2025 that she will introduce a new Income Tax Bill next week.
Not an Amendment but a New Legislation
According to reports, the new Income Tax Bill will be a new law and not an amendment to the existing Act. The first half of the Union Budget 2025 session is scheduled from January 31 to February 13.
“The new Income Tax law will be a new law and not an amendment to the existing Act. Currently, the draft law is being vetted by the law ministry.”
This is a developing story…
