Income tax bill

August 8, 2025 6:47 PM

Centre withdraws Income-Tax Bill, 2025; to come with amended legislation

Finance Minister Nirmala Sitharaman on Friday moved to withdraw the Income-Tax Bill, 2025, following suggestions from the 31-member Select Committee chaired by BJP MP Baijayant Panda. The Lok Sabha approved the withdrawal amid uproar from Opposition members. The Select Committee’s report on the Income-Tax Bill was presented in the Lok Sabha on July 21, the first day of the ongoing Monsoon Session. The panel’s review aimed to simplify the language and structure of the Income Tax Act...

February 17, 2025 6:39 PM

Govt received over 60,000 inputs from citizens on new Income Tax Bill: FM

The government received more than 60,000 inputs from citizens regarding the new Income Tax Bill, 2025, Union Finance Minister Nirmala Sitharaman said on Monday. Addressing a post-Budget event here, the Finance Minister said the review of the Income Tax Act, 1961, has a significant component of Prime Minister Narendra Modi’s principle of 'Jan Bhagidari.' "The government's emphasis post-Covid-19 pandemic has been to allocate funds for public expenditure in capital building. The perception that...

February 13, 2025 4:24 PM

Sitharaman tables new Income Tax bill in Lok Sabha, virtual assets like crypto defined under income from other sources

Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of tax reforms aimed at streamlining and simplifying provisions to make them easier to understand and reduce the scope for legal disputes. The legislation will replace the Income Tax Act, 1961, which has undergone extensive modifications over the past six decades. The bill will be sent to the Select Committee of Parliament before being presented for final approval. The new law is ...

February 13, 2025 12:56 PM

FM Sitharaman to introduce Income Tax Bill today, LS adjourned till 2 pm

Finance Minister Nirmala Sitharaman is set to introduce a new Income Tax Bill in the Lok Sabha on Thursday as part of the tax reforms aimed at streamlining and simplifying provisions to enhance clarity and reduce legal disputes. The ninth day of the Parliament's Budget Session began at 11 am on Thursday. However, amid protests by opposition members on various issues, the Lok Sabha was adjourned until 2 pm. The finance minister is expected to present the Income Tax Bill in the Lower House later ...

February 10, 2025 2:02 PM

New Income Tax Bill to raise transparency in tax laws, say experts

The government is preparing to introduce a new Income Tax Bill aimed at simplifying tax laws and improving compliance. The bill is expected to use clear language to help taxpayers understand their obligations and rights. Union Finance Minister Nirmala Sitharaman is set to present the bill this week, after which it will be referred to the Parliament’s Standing Committee on Finance for review. The proposed changes align with the government's approach of placing trust in taxpayers before initiat...

February 6, 2025 10:00 AM

Budget session 2025: General discussion on Union Budget in Parliament to resume on Thursday

Both Houses of Parliament are set to resume discussions on the Union Budget for 2025-2026 on Thursday, which was presented by Finance Minister Nirmala Sitharaman on Saturday. In the Rajya Sabha, Prime Minister Narendra Modi will respond to the discussion on President Droupadi Murmu’s address. The Lok Sabha session will begin with the Question Hour, followed by the laying of Parliamentary Papers on the table by several ministries. A new Income Tax Bill, which will replace the Income Tax Act o...