Quick Summary
The upcoming Budget 2025 session of Parliament is set to witness the introduction of a brand-new Income Tax Bill, aimed at simplifying the decades-old Income Tax Act of 1961. According to a report, the proposed law will reduce the number of provisions and chapters by around 60%, making it concise, e
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FAQ :
The main goal is to simplify the decades-old Income Tax Act of 1961, making the tax system more concise, easier to understand, and taxpayer-friendly.
The draft law aims to reduce the number of provisions and chapters by around 60%, cutting down the current 298 sections and 23 chapters.
Taxpayers, particularly the middle class, may see a higher standard deduction limit, an increased basic exemption limit, new tax slabs for higher earners, and an enhanced 80C deduction limit.
The new Income Tax law is expected to be presented in the second half of the Budget session, with the session running from January 31, 2025, and reconvening from March 10 to April 4.
The Income Tax Act of 1961 has become increasingly complex over the years. The new law aims to provide clarity, reduce compliance burdens, and minimise tax-related disputes and litigation.
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