India Introduces New Income Tax Bill to Simplify Tax Laws
Mint Explainer | Income tax bill: Why was there a need for a new legislation? 🔗
A new Income Tax Bill was introduced in India to simplify the existing tax laws. It aims to enhance clarity and ease of understanding while keeping the fundamental principles unchanged. The bill, presented in Lok Sabha on February 13, 2025, does not introduce new taxes or significant changes compared to previous legislation, but rather condenses the existing Act by removing redundancies and updating outdated language. As a result, it is significantly shorter than the previous Income-Tax Act of 1961.
What is the main purpose of the new Income Tax Bill?
The main purpose of the new Income Tax Bill is to simplify India's tax law by improving readability and removing redundancies without changing its core principles.
When was the Income Tax Bill introduced in Lok Sabha?
The Income Tax Bill was introduced in Lok Sabha on February 13, 2025.
Does the new bill introduce any new taxes?
No, the new bill does not introduce any new taxes or significant changes from the previous legislation.