Budget 2025: New Income Tax Bill Incoming?

Budget 2025: New Income Tax Bill Incoming?

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The government is set to introduce a new Income Tax Bill to simplify the six-decade-old I-T Act, 1961.

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Finance Minister Nirmala Sitharaman announced a comprehensive review of the I-T Act in her July 2024 Budget speech.

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The new Income Tax Bill is likely to be introduced in the Budget session's second half, starting March 10, 2025.

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The proposed law aims to reduce the size of the Income Tax Act by 60%, making it easier to understand.

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The goal is to: Reduce disputes & litigation, Simplify compliance, Provide greater tax certainty

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Extensive Public InputThe Income Tax Department received 6,500 suggestions from stakeholders to improve the Act.

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The CBDT formed 22 sub-committees to study and refine the Act across key areas.

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Important Dates: Budget Session: Jan 31-Apr 4, 2025, Union Budget Presentation: Feb 1, 2025

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A concise and clear tax law can reduce litigation and compliance burdens, offering better clarity for taxpayers.

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