Quick Summary
The Income Tax Department has initiated the process of framing the rules, forms, and procedures under the proposed Income Tax Bill, 2025, which is set to replace the existing Income Tax Act, 1961, said CBDT Chairman Ravi Agarwal during the 166th Income Tax Day celebrations in the capital on Thursday
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FAQ :
The Income Tax Bill 2025 aims to comprehensively revamp India's direct tax laws, simplifying and modernising the legislation, reducing litigation, consolidating TDS provisions, and removing legal complexities.
CBDT Chairman Ravi Agarwal announced that work is underway on the rules, forms, and procedures for the Income Tax Bill 2025.
The Income Tax Bill 2025 was introduced in Parliament on February 13.
The new framework will reflect the values of clarity, simplicity, and taxpayer convenience.
The department is increasingly relying on technology and data analytics to identify inconsistencies and prompt voluntary disclosures, such as through the 'Nudge' campaign.
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