New Income Tax Bill in Parliament Budget Session: Live Updates: Parliament has resumed the Budget Session today. The new Income Tax Bill, cleared by the Union Cabinet last week, is expected to be tabled in the Lok Sabha soon. This bill aims to simplify and clarify the tax system, making it easier and less confusing for taxpayers.
What is the New Income Tax Bill?
The new Income Tax Bill seeks to replace the 1961 Income Tax Act, aiming to simplify tax laws. The government plans to reduce the bill’s length by half, using simpler language to make it more accessible to taxpayers. By doing so, it reduces the potential for legal disputes and tax-related misunderstandings.
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Live Updates
New Income Tax Bill 2025 Live Updates: Expect Intense Parlimentary Discussion Today
Parliament Adjourned Amidst Ruckus
The Lok Sabha has been adjourned until 2:00 pm due to disturbances caused by the Opposition MPs.
Rajya Sabha to Discuss Budget Post 2:00 pm
Rajya Sabha will begin discussing the Union Budget 2025 after 2:00 pm, sitting for two extra hours today and Tuesday to conclude the debate.
Key Features of the New Income Tax Bill
Finance Secretary Tuhin Kanta Pandey highlighted that the new Income Tax Bill will not introduce major policy changes or additional taxes. The bill is designed to be straightforward and easy for taxpayers to understand.
Reduced Length by 50%
The new Income Tax Bill has been shortened by 50%, making it more comprehensible. The language is simplified, minimizing legal complexities.
Customs Duty Rationalization
Finance Minister Nirmala Sitharaman discussed the rationalization of customs duties, stating that anti-dumping duties will be reviewed on a case-by-case basis.
BJP Members Chant ‘Modi, Modi’
BJP members were seen chanting ‘Modi, Modi’ in the treasury benches following the party’s success in the Delhi Assembly Elections. Speaker Om Birla then called for the start of Question Hour.
FM Sitharaman Addresses Questions on Gold Auctioning
Finance Minister Sitharaman addressed questions from DMK MP Kanimozhi about the process of gold auctioning. She clarified that the auction is conducted following strict procedures.
Tax Experts Weigh In
Tax experts anticipate that the new Income Tax Bill will significantly improve India’s taxation system by focusing on simplification and modernization, without adding new taxes. It is expected to make the tax laws easier to understand and comply with.
Stages of Approval
The new Income Tax Bill, after approval by the Union Cabinet, will be introduced in both houses of Parliament. It will then be referred to a Parliamentary Committee for further consideration.
Parliament Resumes Budget Session
The Budget session resumed today in both Lok Sabha and Rajya Sabha. BJP MPs were chanting ‘Modi, Modi’ in the Upper House following the party’s win in the 2025 Delhi elections.
Changes in Income Tax Return Filing
The Union Budget 2025 extended the time for filing updated Income Tax Returns (ITR-U) to four years from the relevant assessment year. This allows taxpayers more flexibility to file accurate returns.
Finance Minister Confirms New Bill
Finance Minister Sitharaman confirmed the introduction of the new Income Tax Bill during her Budget 2025 speech. She highlighted that it will simplify and reduce legal disputes.
