Income Tax Bill- Big news for taxpayers. Government took big decision. On Friday, the central government withdrew the Income Tax Bill 2025. Actually, now the government is bringing a new bill in its place. Let us tell you that this bill was introduced in the Lok Sabha by the government on 13 February.
Now the new bill will be introduced in the House on August 11. According to the information, most of the recommendations made by the committee headed by BJP MP Baijayant Panda will be included in this new bill. Actually, now this bill will be removed and its easy and new version will be presented in the House. This bill will simplify the tax system by about 50% by removing the old Tax Act of 1961. This will directly benefit small businessmen and common taxpayers.
Will there be any change in the tax slab also?
Let us inform you that the new bill will replace the 6 decade old Income Tax Act 1961. However, now questions are also being raised whether any changes will be made in the tax slabs. It has been made clear that no changes will be made in the tax rates in the new bill. At the same time, the reason given by the government for withdrawing the old bill is that due to various amendments and complexities, it has become difficult for the common man to understand the tax law. Therefore, now a new and simple income tax bill will be brought, which will prove beneficial for every taxpayer.
Let us inform you that till now more than 4000 amendments have been made in this bill. A new law will be brought to remove unnecessary legal complexities, so that individual taxpayers, small traders and MSMEs can get relief. Till now more than 5 lakh words and thousands of changes have been made in the Income Tax Act 1961. It has become very complicated for the common people, due to which the committee had made new recommendations. Now most of the recommendations of this committee will be included in the new bill.