Quick Summary
The recently introduced Income-tax Bill, 2025, in the Lok Sabha is designed to streamline India's tax framework but is not expected to have an immediate impact on revenue collection, according to Minister of State for Finance Pankaj Chaudhary. In a written reply on Tuesday, Chaudhary stated that whi
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The main goal is to simplify India's tax framework by making tax laws concise, clear, and easier to understand, replacing the Income-tax Act, 1961.
No, the Minister of State for Finance has clarified that the bill is not expected to have an immediate impact on revenue collection.
No, the Bill retains all amendments up to the Finance Bill 2025, ensuring continuity and certainty in tax policy. Existing tax rates remain unchanged.
It will improve ease of compliance by retaining digital initiatives like pre-filled ITRs, the Annual Information Statement, and faceless proceedings, and by reorganising tax sections for better navigation.
No, the reorganisation of tax sections is designed to improve navigation without requiring new compliance training for businesses or professionals.
By focusing on simplification without altering fundamental tax policies, the Bill aims to enhance the ease of doing business and improve business efficiency.
CAclubindia
