Quick Summary
The proposed Income Tax Bill 2025, set to replace the six-decade-old Income-tax Act, 1961, aims to significantly simplify the language of tax legislation, reduce litigation and consolidate provisions like TDS, said PP Chaudhary, a member of the Select Committee on the Bill. Chaudhary emphasized tha
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FAQ :
The main goal is to simplify the language of tax legislation, reduce litigation, and consolidate provisions like TDS, making the tax system more accessible and easier to navigate for taxpayers.
The bill removes complex terminology and fine-tunes or removes words like 'notwithstanding' and 'without prejudice' that previously caused interpretational issues, ensuring better clarity.
The word count has been cut by nearly half, from around 512,000 to 260,000 words. The number of sections has been reduced from 819 to 536, and chapters from 47 to 23, with over 1,200 provisions simplified or consolidated.
TDS deductions and related processes have been consolidated to reduce confusion and improve compliance for both individuals and corporate taxpayers.
The Bill is currently under parliamentary review and is expected to be introduced for debate and passage in the upcoming session.
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