Income Tax Bill 2025 Archives

16 Jul

Parliamentary Panel Proposes 285 Changes to Income Tax Bill, 2025 Ahead of Monsoon Session

Rajeev Sharma0 CommentsBusiness, IndiaBaijayant Panda, Income Tax Bill 2025, Lok Sabha, Parliamentary panel

New Delhi, July 16, 2025: A parliamentary panel scrutinising the landmark Income Tax Bill, 2025 has suggested as many as 285 changes to the draft legislation, which aims to overhaul and modernise India’s income tax laws.The Select Committee of the Lok Sabha, chaired by BJP leader Baijayant Panda, finalised its report on Wednesday. The report is set to be tabled in the Lok Sabha on Monday, coinciding with the opening day of Parliament’s Monsoon session.“We have made 285 suggestions to the Bill,” confirmed a member of the committee, reflecting the panel’s extensive engagement with the proposed legislation.The government is expected…

Manish Tewari Slams New Income Tax Bill, Calls It More Complex Than Existing Law

Rajeev Sharma0 CommentsBusiness, IndiaIncome Tax Bill 2025, Manish Tewari, Nirmala Sitharaman

New Delhi, February 13, 2025: Congress MP Manish Tewari on Thursday criticized the Income Tax Bill, 2025, arguing that despite Union Finance Minister Nirmala Sitharaman’s claims of simplification, the proposed legislation is more complex than the existing tax framework. He pointed out that while the current Income Tax Act, 1961, has 296 sections, the new bill expands to over 500 sections. Additionally, the previous law contained five schedules, whereas the new bill includes 14, further complicating the tax structure instead of streamlining it.The government has defended the bill, emphasizing that it is designed to reduce litigation, simplify language, and improve…

Nirmala Sitharaman to Introduce Income Tax Bill, 2025, in Parliament on February 13

Rajeev Sharma0 CommentsBusiness, IndiaIncome Tax Act 1961, Income Tax Bill 2025, Indian tax reforms, Nirmala Sitharaman

New Delhi, February 13, 2025: Union Finance Minister Nirmala Sitharaman will introduce the much-anticipated Income Tax Bill, 2025, in Parliament on February 13. The proposed legislation seeks to replace the outdated Income Tax Act, 1961, which has grown increasingly complex over the decades due to numerous amendments. If passed, the new law will come into effect from April 1, 2026, ushering in a streamlined and modernized tax system. The bill will be referred to the Parliamentary Standing Committee on Finance for further discussion and consultations.The need for a new income tax law stems from the fact that the current Income…