Quick Summary
In a significant update ahead of the Budget 2025-26, Finance Secretary Tuhin Kanta Pandey confirmed that the upcoming New Direct Tax Code Bill will not introduce any new taxes.Pandey clarified that the bill, set to be introduced in the Budget session of Parliament by Finance Minister Nirmala Sitharaman, focuses on structural reforms rather than altering tax rates. "It is an entirely new bill. It is rewritten. But it will not change tax rates because that remains the prerogative of the tax pol
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FAQ :
No, the Finance Secretary has confirmed that the New Direct Tax Code Bill will not introduce any new taxes. Tax rates will remain unchanged.
The main goal is to simplify and rationalise tax laws through structural reforms, eliminating redundant clauses, streamlining the legal framework, and making the code easier for taxpayers to understand.
The new tax code is set to come into effect from April 1, 2025.
No, the bill will not include additional taxes such as changes to capital gains tax or securities transaction tax.
The bill will carry forward reforms including the decriminalisation of certain tax offences, meaning some minor tax transgressions may no longer be treated as criminal matters.
The revised code is expected to be more concise, with a reduced number of chapters and pages, and simplified language to improve clarity for taxpayers.
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