FM Nirmala Sitharaman reintroduces revised Income Tax Bill 2025 in Lok Sabha; Full details here
Union Finance Minister Nirmala Sitharaman presented the new Income Tax Bill 2025 to Parliament, replacing the 1961 Income Tax Act. The bill was withdrawn due to the House’s adjournment, and the government made modifications based on committee recommendations. The new bill is expected to be entirely different from the previous one, which caused confusion. The draft Income Tax Bill incorporates the recommendations made by the Select Committee on 21 July, such as drafting cross-referencing and simplifying the laws wording.
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