Income Tax Bill News LIVE: The Union Cabinet is expected to approve the new Income Tax Bill on Friday, February 7, potentially leading to its introduction in the Lok Sabha early next week. This bill is part of a larger effort to reform the tax system and aims to overhaul the existing tax structure to make it more streamlined and transparent.
The Union Budget 2025 announced that the Ministry of Finance will table the new Income Tax Bill in front of the Union Cabinet this week. Union Finance Minister Nirmala Sitharaman, in her annual press conference after the Budget, said that she hopes that the bill passes without any difficulties.
The Indian government aims to bring simplicity to the taxpayers with the new income tax bill and also announced that it will be 50% less in text and clearer compared to the previous one.
What does the Finance Bill have?
The Finance Bill is a proposal that is presented to the Union Cabinet and consists of financial proposals for the financial year. The Cabinet’s approval is required for this bill to be introduced in the Lok Sabha session.
The bill comprises tax proposals, government expenditure plans for the year, data on welfare schemes, and changes in existing laws, among other things. Every year the Finance Minister presents the Finance Bill in front of the Parliament after the Budget announcement.
Income Tax Bill News LIVE: New income tax bill to be ‘simple to understand’
Income Tax Bill News LIVE: The Government of India expects the upcoming income tax bill which is set to be approved by the Union Cabinet on Friday, February 7 is expected to be simple to understand for taxpayers.
“It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation,” as per the Budget 2025 announcement.
Income Tax Bill News LIVE: Govt aims new bill to be ‘clearer’ and ‘lesser text’
Income Tax Bill News LIVE: The Indian government aims that the new income tax bill will be clearer and expected to have 50% less text, as per FM Nirmala Sitharaman’s Budget 2025 announcement.
“The New Income Tax Bill will be clearer and will have around 50% lesser text compared to the present law, in terms of both chapters and words,” according to the Union Budget announcement.
Income Tax Bill News LIVE: Union Cabinet is likely to approve the new bill
Income Tax Bill News LIVE: According to media reports, Union Cabinet is likely to approve the new Income Tax Bill on Friday and the bill is likely to be introduced next week.