Finance Minister Nirmala Sitharaman announced during her Budget 2025 speech that the government will table a new Income Tax Bill in Parliament next week. The move is aimed at overhauling the existing tax framework and simplifying compliance for taxpayers.
The proposed bill is expected to introduce key structural changes, including modifications in tax slabs, rationalization of deductions, and potential incentives to boost economic growth. Experts anticipate that the bill may incorporate recommendations from past reviews aimed at making the tax system more efficient and transparent.
This announcement comes as part of the government’s broader push toward tax reforms, ensuring a more streamlined approach to income taxation. The specifics of the proposed changes will be closely monitored by businesses and individual taxpayers alike. More details on the bill are expected to emerge when it is formally presented in Parliament next week.