Quick Summary
Speaking in the Lok Sabha, Finance Minister Nirmala Sitharaman highlighted that the New Income Tax Act, 2025 is designed to make tax compliance simpler and more accessible for the common taxpayer. She stated that the new law focuses on simplifying language, reducing paperwork and improving clarity,
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FAQ :
The main goal is to simplify tax compliance and make it more accessible for the common taxpayer by simplifying language, reducing paperwork, and improving clarity.
It will simplify language, reduce the number of forms, and is designed so that the average taxpayer can understand and comply with their obligations independently.
The monetary threshold for filing appeals at the Income Tax Appellate Tribunal (ITAT) has been increased from Rs 50 lakh to Rs 60 lakh.
The appeal limit for High Courts has been raised from Rs 1 crore to Rs 2 crore, and for the Supreme Court, it has increased from Rs 2 crore to Rs 5 crore.
Yes, the disposal limit for cases handled by the Joint Commissioner of Income Tax (Appeals) has been increased from Rs 10 lakh to Rs 25 lakh.
The aim is to create a taxpayer-friendly ecosystem by simplifying tax laws, reducing the compliance burden, minimising litigation, and improving dispute resolution timelines.
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