Quick Summary
The much-anticipated overhaul of the Income-Tax Act, 1961, is likely to be presented during the Budget session of Parliament on February 1, 2025. Finance Minister Nirmala Sitharaman is expected to pilot the simplified draft in her Budget speech. Sources indicate that the revamped law aims to reduce
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FAQ :
The simplified Income-Tax Act is expected to be presented during the Budget session of Parliament on February 1, 2025.
The main goal is to simplify the language and procedures, reduce litigation, provide tax certainty, and consolidate provisions, making the law more readable and easier to comply with.
No, officials emphasise that the revamp is focused solely on simplifying the law rather than altering tax rates or introducing new policies.
The revamp aims to simplify tax deduction at source (TDS) rates, consolidate related clauses, and eliminate redundant provisions.
The draft is complete and under internal review, but concerns remain about the lack of time for stakeholder consultation before the Budget session.
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