New Delhi: The draft Income-Tax Bill, 2025, a comprehensive 622-page document, is poised to revolutionize India’s tax landscape. Scheduled for tabling in Parliament on Thursday, this bill aims to replace the Income Tax Act of 1961, a legislation that has governed the nation’s tax system for over six decades.
Key highlights of the proposed bill include:
- Simplified Terminology: The bill seeks to make tax-related language more accessible and user-friendly, reducing complexities for taxpayers.
- Expanded Tax Provisions: The bill aims to broaden the scope of tax regulations, potentially covering new areas and transactions.
- Modern Compliance Structures: Recognizing the evolving nature of financial transactions, the bill proposes updated compliance mechanisms to ensure efficient and transparent tax administration.
- Implementation: If passed, the new law will take effect from April 1, 2026, allowing time for taxpayers and authorities to adapt to the changes.
This new bill is expected to bring significant changes to the way individuals and businesses in India handle their taxes. It reflects an effort to modernize the tax system, making it more aligned with contemporary economic realities and technological advancements.
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