New Income Tax Bill 2025: The process of major changes in Indian tax infrastructure is just going to start. The report of New Income Tax Bill or the new Income Tax Bill, 2025 (New Income Tax Bill) will be presented in Parliament tomorrow (July 21). According to information received from sources, the New Income Tax Bill has come up with 285 changes. The review report to this will be presented in the House for further action. This new bill will replace the six -decade -old Income Tax Act, 1961.
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The number of sections in the new income tax bill will be 536 as compared to the current tax act 1961, the six decades. While the number of words included in it has been reduced to half.
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Explain that the 31 -member Pravar Samiti led by BJP leader Baijayant Panda was appointed by Lok Sabha Speaker Om Birla on February 13 to investigate the new bill after being introduced by Finance Minister Nirmala Sitharaman. The panel report has suggested 285 changes in the new tax bill. Now the review report to this will be presented in the House for further action. Consider the changes, the new tax bill, which is half compared to the size of the Income Tax Act of 1961.
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536 sections in the bill instead of 816
The new simplified bill is designed to reduce litigation, especially in simple language. According to the FAQ issued by the Income Tax Department, the number of words in this new bill has now come down to 2.6 lakhs as compared to 5.12 lakhs of the current law. Apart from this, when we talk about the sections, their number has also been reduced from the earlier 819 to 536, while the chapters have also been reduced to 47 to 23.
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No assessment year… now tax year
The New Tax Bill-2025 has 57 tables to clarify tax benefits and TDS/TCS (TDS/TCS) rules, while in the current Act it was only 18. Along with this, 1,200 provisions and 900 explanations have been removed in it. Another major change is that this bill for taxpayers proposes to replace the concept of ‘assessment year’ and ‘previous year’ with a unified ‘tax year’.
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Let us know that at present, tax payment on last year’s income is done in Assessment Year. For example, income earned in 2023-24 is taxed in 2024-25. It is worth noting that after the introduction of it by Nirmala Sitharaman, the 31 -member was sent to the Committee and now its review report will be presented on the first day of the monsoon session of Parliament.
