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New Income Tax bill may get cabinet nod tomorrow: Report
New income tax bill may be approved in the cabinet meeting on February 7 and presented in Lok Sabha on February 10. It aims to replace the 1961 Act, simplifying tax compliance and reducing complexity by 60%.
New Income Tax Bill: The new direct tax code or the new income tax bill may get approval in the cabinet meeting on Friday, February 7, and can be introduced in Lok Sabha next week, reported India Today, citing sources.
Mint couldn't independently verify the development. Union Finance Minister Nirmala Sitharaman, during her Union Budget 2025, announced that the Centre will bring the new income tax bill. The new income tax act will seek to replace the Income Tax Act of 1961 and simplify terms and clauses. “New Income Tax Bill will be clear and direct,” FM Sitharaman said on February 1.
When will the new Income Tax Bill be introduced in Parliament?
As per the India Today report, the new Income Tax Bill may be presented in Lok Sabha on Monday, February 10, during the ongoing Budget session of the Parliament. However, there has not been any official confirmation of the date. Prime Minister Narendra Modi will reportedly chair the cabinet meeting on Friday evening to discuss the new Income Tax Bill.
According to another report by news agency ANI, the new Income Tax Bill was supposed to be introduced in Parliament on Thursday.
The Parliament's Budget session began on January 31. The first part of the session will continue until February 13, and the second session will restart on March 10 and continue until April 4.
New Income Tax Bill: What to Expect?
The Income Tax Bill seeks to replace the outdated Income Tax Act of 1961. It may reduce the complexity by 60 per cent. According to Finance Minister Nirmala Sitharaman, the new legistlation will focus make it easier for taxpayers to understand the complexities of income tax laws.
It will also make tax compliance more accessible for individuals and businesses and minimise legal disputes.
“The government will introduce new Income Tax Bill next week in Parliament to take forward 'trust first, scrutinise later' concept. New Income Tax Bill will be half of the current volume; clear and direct in wording,” Nirmala Sitharaman said on February 1.
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First Published:6 Feb 2025, 11:50 AM IST
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