Quick Summary
The Parliament on Tuesday passed the modified Income Tax Bill, 2025, alongside the Taxation Laws (Amendment) Bill, 2025, aimed at overhauling India's six-decade-old direct tax framework for both individuals and corporations. Finance Minister Nirmala Sitharaman introduced the two money bills in the
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FAQ :
The Income Tax Bill 2025 is a new piece of legislation passed by the Indian Parliament that overhauls the country's direct tax framework, replacing the Income Tax Act, 1961.
The Income Tax Bill 2025 will come into force on April 1, 2026.
It replaces the Income Tax Act, 1961, which has been in force since April 1, 1962.
Parts of the existing legislation were considered outdated, necessitating a fresh and modern framework to improve clarity, reduce ambiguity, and enhance fairness.
Key changes include clarifications on rent for vacant properties, updated rules for standard deduction on house property income, provisions for commuted pension deductions, and ensuring temporarily unused commercial properties are not taxed as house property income.
The Select Committee that reviewed the bill was chaired by BJP MP Baijayant Panda.
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