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Union Finance Minister Nirmala Sitharaman with Union Minister of State for Finance Pankaj Chaudhary and different officials extracurricular the Finance Ministry up of the presumption of ‘Union Budget 2025-26’, successful New Delhi, Saturday, Feb. 1, 2025. Sitharaman connected Saturday volition contiguous her eighth consecutive Budget, which she volition present from a integer tablet enclosed successful a accepted 'bahi-khata' benignant pouch. (PTI Photo/)
New Income Tax Bill Budget 2025: A caller income taxation authorities volition beryllium introduced by the authorities adjacent week successful the ongoing Budget league of Parliament, Union Finance Minister Nirmala Sitharaman said Saturday portion presenting the Union Budget for 2025-26.
The projected caller income taxation instrumentality follows from the earlier Budget announcement for 2024-25. In July 2024, Sitharaman had announced a broad reappraisal of the Income-tax Act, 1961 to beryllium completed successful six months. The intent of the reappraisal is to marque the Act concise, lucid, and casual to work and understand. This, successful turn, is expected to trim disputes and litigation, thereby providing taxation certainty to the taxpayers.
“It volition besides bring down the request embroiled successful litigation. It is projected to beryllium completed successful six months,” she had said.
In October past year, the Income Tax section had announced the enactment of an interior committee to reappraisal the Income-tax Act and invited nationalist inputs and suggestions connected 4 cardinal areas — simplification of language, litigation reduction, compliance reduction, and obsolete provisions.
Before this, the authorities attempted to simplify the Income-tax Act respective times. In 2018, a task unit was formed to draught a caller nonstop taxation instrumentality that submitted its study successful 2019.
Direct Taxes Code (DTC) was earlier projected by the UPA I government, a draught Bill was enactment up successful August 2009 and it was tabled successful Parliament successful 2010. The Bill, aft reappraisal by the Standing Committee, was past revised twice, successful 2012 and 2014, but lapsed with the dissolution of the 15th Lok Sabha.
Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports connected the macro system and fiscal policy, with a peculiar absorption connected economical science, labour trends, taxation and gross metrics. With implicit 13 years of newsroom experience, she has besides reported successful item connected macroeconomic information specified arsenic trends and argumentation actions related to inflation, GDP maturation and fiscal arithmetic. Interested successful the past of her homeland, Kashmir, she likes to work astir its civilization and contented successful her spare time, on with trying to representation the journeys of displacement from there. ... Read More
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