Quick Summary
BJP Member of Parliament and Chairman of the Finance Select CommitteeBaijayant Jay Panda has stated that the proposed Income Tax Bill, 2025 aims to significantly reduce complexity in India's tax system without altering existing tax policies or rates. Presenting the Select Committee report on the new Income Tax Bill in Lok Sabha on Monday, Panda revealed that the draft legislation cuts the word count of the Income Tax Act nearly in half, from approximately 5 lakh words to 2.5 lakh, making the la
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FAQ :
The main goal is to simplify the Income Tax Act, making it more readable and easier for taxpayers to comply with, without altering existing tax rates or policies.
The word count has been reduced by approximately 50%, from about 5 lakh words to 2.5 lakh words.
No, the bill explicitly states that there will be no change in tax rates or core tax policy.
This bill represents the first comprehensive legislative overhaul of India's direct tax code in over six decades, aiming to modernise tax administration and enhance ease of doing business.
If approved, the new law is likely to come into effect in Assessment Year 2026-27.
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