New Income Tax Bill: The announcement of the new Income Tax Bill 2025 made by the Central Government in the budget can be approved by the cabinet today. A special provision can be made in this bill, in which the government will have the right to make concessions and improvements in the income tax system without waiting for the budget. According to media reports, some provisions have been made in the new bill, which will allow the government to make changes in the boundaries and volumes of the cuts and discounts through executive orders.
Changes will also be made in standard cuts.
In the new Income Tax Bill, the government will also have the right to change the standard cuts from time to time through the executive order. The bill is likely to be approved in the cabinet meeting to be held today under the chairmanship of Prime Minister Narendra Modi. It will then be introduced in Parliament. After this it will be sent to the Parliamentary Standing Committee for detailed discussion.
Why the new Income Tax Bill?
This new law will be known as the ‘Direct Tax Code’. It has provisions to make the income tax structure simple and improve. Which will apply in place of the Income Tax Act, 1961. Finance Minister Nirmala Sitharaman said in his 2025 budget speech that this bill is the origin of the Code of Justice. I am happy to say that the new Income Tax Bill will carry forward the spirit of ‘justice’. The bill will simplify the introduction of the current law and remove unnecessary policies and regulations. This will make it easier for taxpayers and tax administration to understand this, which will reduce the uncertainty and disputes related to it.
The new bill will be used to simplify the system. This will reduce the complexity and taxpayers will be able to easily comply with income tax rules.
