New Delhi, 07 February (HS): The rules related to income tax in the country are going to change after about six decades. The much-awaited new Income Tax Bill 2025 can be approved in the Union Cabinet meeting to be held today under the chairmanship of Prime Minister Narendra Modi.
After the approval of the Cabinet, it can be introduced in Parliament on Monday. There may be some provisions in the bill, which can eliminate the need to wait for the budget or amend the Income Tax Act for any relief in income tax.
Earlier, Finance Secretary Tuhin Kant Pandey had said in a program that the new Income Tax Bill 2025 to be introduced in Parliament next week will not have long sentences, provisions and clarifications. No new tax or any new burden of any kind will be imposed in the new bill. This new bill has been prepared to replace the 60-year-old Income Tax Act, 1961. It is noteworthy that Union Finance Minister Nirmala Sitharaman had announced the introduction of a new Income Tax Bill in her budget speech on February 1. She had said in the Union Budget 2025-26 that the bill will also include changes made in the provisions related to income tax rates, slabs and tax deduction at source (TDS).
Hindusthan Samachar
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