Income Tax Bill 2025: Key Changes and Implications
| Summary | Details |
|---|---|
| Event | Income Tax Bill, 2025 introduced in Lok Sabha |
| Date | February 13, 2025 |
| Introduced by | Finance Minister Nirmala Sitharaman |
| Purpose | Replace Income Tax Act, 1961 |
| Legislative Process | Introduced via voice vote; referred to Select Committee |
| Key Terminology Change | "Assessment Year" and "Previous Year" replaced with "Tax Year" |
| Sections | Increased from 298 to 536 |
| Schedules | Increased from 14 to 16 |
| Simplification | Removal of outdated terminologies and complex provisos |
| Objectives | Simplify tax laws, reduce litigation, improve clarity, and align with global tax systems |