Finance Ministry to introduce new Income-Tax Bill during the Budget 2025 session of Parliament
Reportedly Finance minister Nirmala Sitharaman announced a review of the Income-Tax Act during her budget presentation in July 2024. According to a report the internal committee led by Chief Income-Tax Commissioner V.K. Gupta, tasked with reviewing the existing Income Tax act, is expected to submit its report before the Budget is presented on february 1, 2025. “The Bill is unlikely to be enacted immediately during the Budget session. Based on the v K Gupta committee report, the legislation will be drafted with the help of the law ministry. After the draft Bill is ready, it will be referred to the Standing Committee on Finance for further scrutiny and feedback, an official told.
Meanwhile when considering that the six month timeline ends in january 2025, it was widely expected that the amended Income Tax Act could be brought in the Budget session of Parliament. The review committee tasked with examining the Income-Tax Act is not expected to propose changes to tax rates. Instead, its focus remains on simplifying the legislation to make it more concise, user-friendly, and accessible, according to a recent report. A senior government official stated that the committee aims to complete its review by submitting all 23 reports each addressing a chapter of the 1961 Income-Tax Act by mid-December.Moreover with over 80 officials involved in the process, the committee has also launched an online portal to gather public suggestions. This initiative aims to make the Income Tax Act more comprehensible and accessible for taxpayers. The Income-Tax Act of 1961 is the cornerstone of India’s taxation framework. It outlines the rules, procedures, and regulations for the imposition, collection, and administration of income tax across the country.
Meanwhile when considering that the six month timeline ends in january 2025, it was widely expected that the amended Income Tax Act could be brought in the Budget session of Parliament. The review committee tasked with examining the Income-Tax Act is not expected to propose changes to tax rates. Instead, its focus remains on simplifying the legislation to make it more concise, user-friendly, and accessible, according to a recent report. A senior government official stated that the committee aims to complete its review by submitting all 23 reports each addressing a chapter of the 1961 Income-Tax Act by mid-December.Moreover with over 80 officials involved in the process, the committee has also launched an online portal to gather public suggestions. This initiative aims to make the Income Tax Act more comprehensible and accessible for taxpayers. The Income-Tax Act of 1961 is the cornerstone of India’s taxation framework. It outlines the rules, procedures, and regulations for the imposition, collection, and administration of income tax across the country.