Finance Minister Nirmala Sitharaman introduced a new income tax bill in the Lok Sabha on 13 February. The implementation of this bill will get rid of complex rules related to income tax and difficult language. Words like “Assessment Year” and “Financial Year” have also been removed.
After presenting the bill, the Finance Minister requested the Lok Sabha Speaker to send it to the Standing Committee of Parliament on Finance. Now the question is – what changes have been made in this new bill? Let’s know.
How to download new income tax bill 2025?
If you want to read New Income Tax Bill 2025, then you can download PDF. For this, you have to go to the Sansad website.
The 60 -year Income Tax Act, 1961 history will be formed on the implementation of this bill.
The bill has a total of 622 pages, including 536 sexes, 23 chapters and 16 schedules.
Ordinary language and simple rules
Complex words removed:
- “Tax year” will be replaced by “Assessment Year”.
- “Previous Year” will be used instead of “Financial Year”.
- Older sections such as fringe benefit tax (FBT) have been removed.
Use of simple language:
- Small sentences have been used more.
- Tables have been added to TDS, Principal taxation and deduction related rules, which will make it easier for taxpayers to understand.
Taxpayers Charter: Special provision for taxpayers
The most special thing about this bill is that it includes “Taxpayers Charter”.
What will be found in taxpayers charter?
- Complete information about the rights of taxpayers and their responsibilities.
- Emphasis on promoting transparency between the government and taxpayers.
Bill passing process
The bill was sent to the Standing Committee of Parliament.
The committee will discuss every section of the bill in detail.
After this, the government will pass it in Parliament.
This will become a law after the President’s approval.
The government is trying to implement it from 1 April next year.
What will be available with this new bill?
Tax rules have been simplified.
Easy language has been used by removing complex words.
Taxpayers will get clear information about their rights and responsibilities.
It will be easy to understand the rules related to TDS and deduction.
The new income tax bill will bring relief for 2025 taxpayers and make the tax rules more transparent and simplified. Now it will have to be seen when this bill passes in Parliament and how long it applies!
