New Income Tax Bill highlights: Key details out; check for details

Listing out the features of the new Income Tax Bill, Finance Secretary Tuhin Kanta Pandey had said that there will be no major changes to the policy and no additional taxes will be there. He further added that the ne Bill has been designed in way so that it is straightforward for the taxpayers to understand.

The new Income Tax Bill is said to have reduced the length by almost 50% making it easier for taxpayers t understand the nuances. The language has been made more user-friendly, minimising all legal complexities.

FM Sitharaman talked about the customs duty rationalisation, saying that anti-dumping duties will not be extended indefinitely. She further added that the government will review them on a case-by-case basis so that a balance is maintained between trade protection and investment-friendly policies.

As the Parliament proceedings began today, BJP members were spotted chanting ‘Modi, Modi’ following the party’s stupendous win in Delhi Assembly Elections. The chanting continued briefly from the treasury benches before Speaker Om Birla called for the start of Question Hour.

DMK MP Kanimozhi raised a question in the Parliament regarding large scale gold auctioning. Replying to the question, FM Sitharaman said that the auctioning is done while following a stringent process. MoS for Finance also pointed out that the RBI had instructed everyone to track their gold portfolios.

Tax experts believe that the new income tax bill will significantly transform India’s taxation system by focusing on simplification and modernisation, rather than adding new taxes. Although the full details are not yet available, the bill is expected to reduce legal complexities, make compliance easier, and ensure tax laws are more understandable for taxpayers.

Read More Here: How the New Income Tax Bill could impact taxpayers

Finance Minister Nirmala Sitharaman earlier said that the new Income Tax Bill after getting approval from the Union Cabinet, will have to be introduced in both houses of the Parliament. Then it will be sent to a Parliamentary Committee, after which it will be sent back to Cabinet for further discussion.

The Budget session resumed today in both Lok Sabha and Rajya Sabha, with NDA MPs chanting ‘Modi, Modi’ in the Upper House following the BJP‘s big win in the 2025 Delhi elections.

The Union Budget 2025 has increased the time for taxpayers to file an Updated Income Tax Return (ITR-U) from two years to four years after the relevant assessment year. This gives taxpayers more time to fix their mistakes, report their missed income, and follow tax rules.

Finance Minister while discussing the new Income Tax Bill in her Budget 2025 speech had said that it would be easy, straightforward and understandable by taxpayers. She confirmed the introduction of the new bill in the Parliament during the Budget Session and added that once in effect, the new bill will reduce the legal disputes.

Congress Minister Manish Tewari gave a motion of adjournment of business in Lok Sabha to discuss the way Indians were treated on being deported from the United States and the Centre’s response on the same.

Finance Minister Nirmala Sitharaman will table the new Income Tax Bill in Lok Sabha. It is expected to be tabled this week but there are reports suggesting that Sitharaman might table it in Lok Sabha today itself. To track the exact date and time, keep watching this space.

The Parliament Budget Session 2025 will resume in both the Houses today at 11:00 am. Finance Minister Nirmala Sitharaman is likely to table the bill in Lok Sabha today. After Lok Sabha passes the bill, it will be tabled in Rajya Sabha.

The new Income Tax Bill will come into effect from FY25-26, as per what Finance Minister Nirmala Sitharaman said in her budget speech. The assessment year for the same will be 2026-27.

The aim of the new Income Tax Bill is to make it more easy for the everyday citizen of the country. Right from making the language easier to understand, eliminating tax complexities, to making it taxpayer-friendly, the new Bill will bring relief to many, at least in terms of understanding the tax structure more easily. This bill will replace the 1961 Income Tax Act.

The bill is not going to introduce any new taxes. Instead, its objective is to simplify the usually complex tax language for the common man by bringing legal complexities to a minimum level. Sitharaman had said that the new Bill will be 50% shorter than the current one. The bill is expected to bring lower penalties for some offences, which will make the entire tax system more taxpayer-friendly.

Hello and welcome to our live blog! The new Income Tax Bill is likely to be tabled in the Lok Sabha today, and here we are to bring you real-time updates on the same, straight from the Parliament Budget Session. Stay with us as we bring to you all the discussion and debate that may happen today surrounding the new bill. Catch all the live action here!