Nirmala Sitharaman

13 Feb

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 The proposed legislation seeks to replace the outdated Income Tax Act, 1961, which has grown increasingly complex over the decades due to numerous amendments.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…

09 Feb

New Income Tax Bill to Be Introduced in Parliament on Tuesday: FM Nirmala Sitharaman

nishuthapar10 CommentsBusiness, IndiaIncome Tax reforms, Indian Parliament, New Income Tax Bill 2025, Nirmala Sitharaman, tax simplification

NEW DELHI, February 9, 2025: Finance Minister Nirmala Sitharaman is set to introduce the new Income Tax Bill in the Lok Sabha on Tuesday, marking a significant step towards overhauling India's tax framework. The bill, which aims to simplify and streamline existing tax laws, is expected to be referred to a parliamentary standing committee for detailed examination. “I hope to have it introduced in Lok Sabha in the coming week,” said Sitharaman after the RBI board meeting. Once introduced, the bill will undergo a multi-step legislative process, starting with its referral to the standing committee for recommendations. Following the committee’s…