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Finance Minister Nirmala Sitharaman introduced the Income Tax Bill in the Lok Sabha on 13 February 2025.
The new Income Tax Act 2025 has received the President’s approval. On August 21, the central government has notified new rules. From 1 April 2026 it will replace the old law of 1961. The government has brought a new income tax bill to make tax laws easier. This will not change the tax rate.
Earlier on 13 February, Finance Minister Nirmala Sitharaman introduced the Income Tax Bill in the Lok Sabha on 13 February 2025. For the convenience of taxpayers, the number of words of the Income Tax Act has been reduced by about 50 percent to about 5 lakh to 2.5 lakh.
4 big things about new income tax bill …
- In the Income Tax Bill, the assessment year has been replaced by tax ‘year’. The bills of the bill have come down from 823 to 622. However, the number of chapters is only 23. Sections have been increased from 298 to 536 and schedules have also increased from 14 to 16.
- Crypto assets will be counted under any undisclosed income, such as cash, bullion and jewelery. This has been done so that digital transactions can also be controlled in a transparent and legal manner.
- The bill includes taxpayers charter, which will protect the rights of tax payers and make the tax administration more transparent. This charter will protect the interests of taxpayers and will also clear the rights and responsibilities of the tax authorities.
- Salary related cuttings, such as standard deduction, gratuity and leave encashment have now been listed at the same place. The difficult expansion and provisions in the old law have been removed, which will make it easier for taxpayers to understand.
New bill made in more than 60 thousand hours
A committee of about 150 officers of the Income Tax Department was engaged in this work. It took more than 60 thousand hours to finalize the new bill. 20,976 online suggestions were received to make the income tax bill easy, understandable and remove non-essential provisions.
They were analyzed. It was also consulted internationally. Australia and Britain, who have made such amendments, were also consulted. In 2009 and 2019, documents prepared in this context were also studied.
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The new income tax bill has been introduced in the Lok Sabha today i.e. on Thursday, February 13. The 622 -page bill will replace the 6 decade -old Income Tax Act 1961. The proposed law will be called the Income Tax Act 2025 and is expected to be effective in April 2026.
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It took 60 thousand hours to prepare a new income-tax bill: 20,976 suggestions were received, know how it was made and what is in it?
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