Quick Summary
India is on the brink of its biggest tax reform in over six decades, as Union Finance Minister Nirmala Sitharaman is likely to table the much-awaited Income Tax Bill, 2025 in Parliament on August 11, according to sources. The legislation aims to replace the Income Tax Act, 1961 with a modern, streamlined framework designed to simplify compliance, reduce litigation and enhance clarity for taxpayers. The Bill, first introduced in the Lok Sabha on February 13, 2025, is significantly shorter and mo
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FAQ :
The Income Tax Bill, 2025 is likely to be tabled in Parliament on August 11, 2025.
The Bill aims to replace the Income Tax Act, 1961 with a modern, streamlined framework to simplify compliance, reduce litigation, and enhance clarity for taxpayers.
It significantly reduces the number of sections and chapters, making it shorter and more accessible. It also replaces the 'previous year' and 'assessment year' with a single 'tax year'.
Yes, the Bill includes fairer deductions for house property income and extended pre-construction interest benefits for let-out properties. Small taxpayers below the taxable limit will be exempted from filing returns solely to claim TDS refunds.
No, the Bill does not alter existing tax rates or slabs.
Subject to parliamentary approval, the Bill is expected to take effect from April 1, 2026.
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