New Income Tax Bill 2025 LIVE Updates: The Union Cabinet approved the new Income Tax Bill on Friday, February 7. The new direct tax code is expected to be introduced in the Lok Sabha this 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 Cabinet, chaired by Prime Minister Narendra Modi, on February 7 approved new Income Tax bill, PTI reported citing sources. It will now be presented in the Parliament next week and would be sent to Parliament’s Standing Committee on Finance, it added.
New I-T bill to be in Lok Sabha this week: How it will impact you?
The new income tax bill has been introduced to replace nearly sixty year old Income Tax Act 1961. The proposed bill will include simplified language to benefit taxpayers. Acording to a Business Standard report, the new I-T bill may reduce the number of sections by 25-30% in a bid to simplify tax rules and its clauses.
New Income Tax Bill LIVE News: New bill to replace 60 year old IT Act
New Income Tax Bill LIVE News: The new income tax bill has been introduced to replace nearly sixty year old Income Tax Act 1961. The proposed bill will include simplified language to benefit taxpayers. Acording to a Business Standard report, the new I-T bill may reduce the number of sections by 25-30% in a bid to simplify tax rules and its clauses.
New Income Tax Bill LIVE News: Current tax framework creates atmosphere of uncertainty, say expert
New Income Tax Bill LIVE News: Sameer Mathur Md and Founder of Roinet Solution on new income tax framework:
“The government needs to take decisive steps to simplify and subsidize the tax structure for fintech companies, especially those focused on promoting financial inclusion in Tier 2 and Tier 3 cities. Reducing the GST on financial transactions from the current 18% to a lower slab is crucial to ensure that these companies can serve the economically weaker sections while remaining viable. Additionally, the current tax framework creates an atmosphere of uncertainty, with firms often facing retrospective tax notices despite maintaining clean books and adhering to the rules. This fear of unexpected liabilities due to ambiguous interpretations of tax laws undermines business confidence. Clear, consistent, and forward-looking tax policies are essential to foster a trustworthy and growth-friendly environment for fintech innovation.”
New Income Tax Bill LIVE News: ‘New tax structure good, simplifies tax for majority’
Pankaj Nawani, CEO of CarePal Secure feels the new tax structure proposed is good as it “simplifies tax for the majority”.
On insurance he added that it will also give a fillip to the employer-employee protection plan which can be made flexible. “The provisions of making proceeds from life insurance policies bought from Gift City could see a lot of HNIs and the upper middle class get interested,” he said.
New Income Tax Bill LIVE News: ‘Simplification of tax laws — something insurance policy makers long hoped for…’
Kunal Varma, Co-Founder & CEO at Freo said the new Income Tax Bill is expected to simplify tax laws, reduce legal complexities, and make compliance easier—something that insurance policyholders have long hoped for.
Expectations:
Enhancement of tax deduction limits for life and health insurance premiums, particularly under Sections 80C and 80D.Assurance that the maturity amount from life insurance policies remains tax-exempt as long as premiums paid do not exceed a certain limit. Targeted tax benefits that can boost insurance penetration in Tier 2 and Tier 3 cities.
New Income Tax Bill LIVE News: ‘Simplify existing tax laws, make them more accessible’
Sandeep Bhalla, Partner, Dhruva Advisors expects:
The new bill is expected to simplify existing tax laws, making them more concise and accessible for taxpayers. The I-T Dept to actively seek feedback from taxpayers, industry players, and other stakeholders to identify controversial points and address them effectively. The dept should issue prompt clarifications and circulars to address concerns raised by stakeholders, fostering trust and transparency. The bill should encourage the integration of advanced technologies, such as artificial intelligence and data analytics, for better tax compliance and administration. With simplified rules, the compliance process should also be streamlined. Reducing paperwork, integrating digital platforms, and simplifying return filing mechanisms should be priorities. Govt must aim to address contentious areas in the current law to reduce litigation. A clear and concise tax code will provide certainty and reduce disputes.
New Income Tax Bill LIVE News: ‘Expected to carry forward spirit of Nyaya’
Riaz Thingna, Partner-Tax at Grant Thornton Bharat believes the much-awaited Income-tax Bill is expected to carry forward the spirit of ‘Nyaya’.
“The stated aim is to simplify and rationalise the provisions of the more than six-decade old I-T Act by making it concise and simpler to understand. It is expected to reduce the number of pages by half and bring in tax certainty by minimizing ambiguity. Taxpayers can look forward to reduced litigation with a finality on some of the major repetitive issues,” Thingna added.
New Income Tax Bill LIVE News: ‘Will help raise India’s tax-GDP ratio to global levels’
According to Sandeep Chaufla, Partner at PwC, the ongoing review of the Income-tax Act, 1961, seeks to modernise and simplify India’s tax system in line with broader economic goals.
“It aims to enhance the ease of doing business, reduce ambiguity in interpretations, improve tax administration and compliance. This will help increase India’s tax-GDP ratio to global levels and support sustainable economic growth,” Chaufla added.
He also feels the review will also foster a transparent and efficient tax system that attracts investments and advances the Government’s vision of a Viksit Bharat.
New Income Tax Bill LIVE News: ‘Important step to make tax system simpler’
Ajay Kumar Yadav, CEO & CIO, Wise Finserv believes this is an important step by the government in making the tax system simpler and easier to understand.
He feels:
The changes make tax rules clearer for both individuals and businesses. The simplification of tax rules and residence requirements will make the whole system more transparent. Setting tax rates similar to other countries could also make India more attractive to investors.
New Income Tax Bill LIVE News: How it will impact you?
The new income tax bill has been introduced to replace nearly sixty year old Income Tax Act 1961. The proposed bill will include simplified language to benefit taxpayers. Acording to a Business Standard report, the new I-T bill may reduce the number of sections by 25-30% in a bid to simplify tax rules and its clauses.
New Income Tax Bill LIVE: New I-T Bill Background & Development
Union Finance Minister Nirmala Sitharaman first announced a comprehensive review of the Income-Tax Act, 1961 in the July 2024 Budget. The CBDT had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand.The aim was also to reduce disputes, litigations, and provide greater tax certainty to taxpayers. To this end, 22 specialised sub-committees have been established to review the various aspects of the I-T Act.
New Income Tax Bill LIVE: What FM Nirmala Sitharaman told reporters
Speaking to the media on Saturday, Finance Minister Nirmala Sitharaman said: “…the New Income Tax proposal, I hope to have it introduced in the Lok Sabha in the coming week. Post that it will go to a committee.”
“The bill will again go to the Cabinet after the parliamentary committee gives its recommendations on it. After Cabinet approval, it will again be introduced in Parliament. I still have three critical stages to pass through,” Sitharaman stated.
New Income Tax Bill LIVE: Latest Updates — Sitharaman’s statement, Cabinet Approval, Parliament date & more
Union Finance Minister Nirmala Sitharaman on Saturday said the new Income-Tax bill, set to replace the 60-year-old I-T Act, will be introduced in the Lok Sabha, sometime this week.Further, after introduction in the Upper House of Parliament (Rajya Sabha), the Bill will next be sent to a Parliamentary Standing Committee for scrutiny.Notably, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the bill on Friday.
New Income Tax Bill LIVE: Adopting global practices in tax adoption will enhance India’s competitive stance, says Sudhakar Sethuraman, partner at Deloitte India.
New Income Tax Bill LIVE: Sudhakar Sethuraman, partner at Deloitte India, said that if the new income tax bill adopts global practices in taxation, it would improve the nation’s competitive stance.
“A balanced approach will modernize the tax system, incentivize investments, and boost job creation,” he said.
New Income Tax Bill LIVE: Bill must align with global best practices to attract foreign investment, says S.R. Patnaik, Head of Taxation at Cyril Amarchand Mangaldas.
New Income Tax Bill LIVE: S.R. Patnaik, Head of Taxation at Cyril Amarchand Mangaldas, said the upcoming Income Tax bill is expected to align with global standards.
“With India’s growing role in the global economy and the increasing relevance of digital transactions, it would be difficult for the country to ignore international best practices,” S.R. Patnaik, head of taxation at Cyril Amarchand Mangaldas, told Mint. “We are certain the new Act will align with global standards and India’s economic commitments.”
New Income Tax Bill LIVE: What are the provisions that need to stay in new I-T bill? Know from expert
New Income Tax Bill LIVE: According to Dipesh Jain, partner, Economic Laws Practice, income from salary is quite clear in the existing Income Tax law and should remain same in the proposed I-T bill. Other things which should remain are income from house property
New Income Tax Bill LIVE: New I-T bill will reduce complexity and ease compliance for taxpayers
New Income Tax Bill LIVE: The new I-T bill will reduce complexity related to clauses for taxpayers. Additionally, the new bill will also ensure simpler tax filing for both taxpayers and authorities.
New Income Tax Bill LIVE: Prior to I-T bill, what are the other tax reforms implemented by Modi government for taxpayers?
New Income Tax Bill LIVE: Over the past decade, the Modi government has implemented several tax reforms for taxpayers including faceless assessment, taxpayers charter, Vivad se Vishwas scheme, etc.
New Income Tax Bill LIVE:How it will impact you?
The new income tax bill has been introduced to replace nearly sixty year old Income Tax Act 1961. The proposed bill will include simplified language to benefit taxpayers.
New Income Tax Bill LIVE: How long it will take for the I-T bill to come into effect?
New Income Tax Bill LIVE: Finance Minister Nirmala Sitharaman has not provided any fixed timeline of the I-T bill. Shedding light upon the complete procedure of passing I-T bill in the Parliament, FM said that first I-T bill will be introduced in Lok Sabha then it will be reviewed by the committee.
After evaluation, committee will give its recommendation and then it will be sent back to the government through cabinet. Later, the cabinet will take a call on whether the suggested amendments are to be taken in or not.
“It’s only after that it again goes to the parliament. So once the parliament passes, it is when they decide on when best to roll it out from,” she added.
New Income Tax Bill LIVE: What will happen to I-T bill after introduction in the Lok Sabha?
New Income Tax Bill LIVE: The I-T bill will be introduced in the Lok Sabha. After being tabled in LS, the bill will be sent for a review to a comitttee.
“(I) hope to have it introduced in the Lok Sabha in the coming week,” she said. Post the inroduction, it will go to a committee for scrutiny.
New Income Tax Bill LIVE: I-T bill to replace six-decade old I-T law
New Income Tax Bill LIVE: The new income tax bill, after being passed in Lok Sabha and Rajya Sabha, will replace the sixty year old Income Tax Act 1961.
New Income Tax Bill LIVE: What are the three crucial stages I-T bill has to pass before implementation?
New Income Tax Bill LIVE: While addressing the media, FM Nirmala Sitharaman said that the I-T bill will have to pass through three stages. After getting approved by the cabinet, it will be introduced in the Parliament, then it will be sent to the committee. After that, it will be sent back to Cabinet for consideration.
“Yesterday, the Cabinet cleared the New Income Tax proposal, I hope to have it introduced in the Lok Sabha in the coming week. Post that it will go to a committee,” Sitharaman said a media briefing after addressing the post-Budget customary meeting with the central board of directors of the Reserve Bank of India (RBI).
The bill will again go to the Cabinet after the parliamentary committee gives its recommendations on it. After Cabinet approval, it will again be introduced in Parliament.
New Income Tax Bill LIVE: New income tax bill set to reduce number of sections by 25-30 per cent
New Income Tax Bill LIVE: The new income tax bill, set to be presented in Parliament this week, may reduce the number of sections by 25-30% in a bid to simplify tax rules and its clauses, reported Business Standard.
New Income Tax Bill LIVE: When will new I-T bill be introduced in Parliament?
New Income Tax Bill LIVE: There is no official confirmation about the date of the introduction of the new I-T bill at the Parliament. According to Times of India, FM Nirmala Sitharamal will introduce the new income tax bill in Parliament on Tuesday.
New Income Tax Bill LIVE: New I-T bill coming for you, here’s what to expect
New Income Tax Bill LIVE: According to experts, the new tax law will simplify compliance and reduce disputes. It will also ensure that complications and details related to I-T law are simplified for common people.
New Income Tax Bill LIVE: When will the new income tax bill come into effect?
The new income tax bill is set to come into effect from the financial year 2025-26, and effective from the assessment Year 2026-27, according to the budget announcement of February 1, 2025.
New Income Tax Bill LIVE: New I-T Bill likely in Parliament this week
The Union Cabinet, chaired by Prime Minister Narendra Modi, on February 7 approved new Income Tax bill, PTI reported citing sources.
It is now expected be presented in the Parliament during this week and would be sent to Parliament’s Standing Committee on Finance, it added.
Income Tax Bill News LIVE: New bill looks to reform tax system, overhaul existing structure
The Union Cabinet has approved 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.
Income Tax Bill News LIVE: New I-T Bill expected in Parliament this week
Good morning and welcome to Livemint’s LIVE coverage of the new Income Tax Bill expected to be announced in Parliament this week
The new bill, announced by Finance Minister Nirmala Sitharaman in the Union Budget, was approved by the Union Cabinet on February 7.
