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  5. New Income Tax Bill 2025 Live Updates: FM Nirmala Sitharaman likely to introduce I-T Bill in Lok Sabha on Feb 13
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New Income Tax Bill 2025 Live Updates: FM Nirmala Sitharaman likely to introduce I-T Bill in Lok Sabha on Feb 13

Upstox
By Upstox News Desk

5 min read | Updated on February 13, 2025, 12:37 IST

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SUMMARY

New Income Tax Bill 2025 Live Updates: Finance Minister Nirmala Sitharaman will likely introduce the new Income Tax Bill, 2025 in the lower House of Parliament, Lok Sabha, on Thursday, February 13. The bill will replace the Income Tax Act, 1961 and seeks to simplify tax language for the general public.

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The government has listed a bill to consolidate and amend the law relating to income-tax for introduction in the Lok Sabha on Thursday, February 13. | Image: PTI

  1. Tax year vs assessment year vs previous year vs financial year: Know the difference

    The government proposes to introduce the concept of a tax year in the new IncomeTax Bill, 2025, to eliminate confusion among taxpayers regarding assessment and previous years during tax calculations. However, taxpayers should note that the concept of a financial year (FY) will remain the same as present. Read more.

    February 13, 2025, 12:37 PM

  2. New Income Tax Bill 2025 Live Updates: When will FM Nirmala Sitharaman introduce the I-T Bill in Lok Sabha?

    New Income Tax Bill 2025 Live Updates: Finance Minister Nirmala Sitharaman is expected to introduce the new Income Tax Bill, 2025 in Lok Sabha on Thursday, February 13.

    Lok Sabha, the lower House of Parliament, has been adjourned till 2 pm on Thursday.

    February 13, 2025, 12:21 PM

  3. New Income Tax Bill 2025 to include Taxpayer's Charter

    Taxpayer's Charter, which highlights the rights and obligations of taxpayers, will be included in the new Income Tax Bill 2025.

    February 13, 2025, 12:04 PM

  4. New Income Tax Bill 2025 to have all deductions from salaries tabulated at one place

    The new Income Tax Bill, 2025 will have deductions from salaries like standard deduction, leave encashment, gratuity, etc, tabulated at one place. In the existing Act, the deductions are scattered over different sections and rules.

    February 13, 2025, 11:50 AM

  5. New Income Tax Bill 2025 Live Updates: What were the key changes expected in new I-T Bill?

    According to Harsh Bhuta, Partner at Bhuta Shah & Co, the following are some expected changes in the new income tax bill.

    • Simplified tax residency
    • Streamline tax provisions
    • Increased transparency
    • No new taxes
    • No dependence on Union Budget for tax reliefs
    • Reduced litigation
    • Taxpayer-friendly compliance

    February 13, 2025, 11:33 AM

  6. New Income Tax Bill 2025 Live Updates: How will the new income tax act look like?

    According to Finance Minister Nirmala Sitharaman, the new Income Tax Act, 2025, will be concise, lucid, and easy to read and understand.

    February 13, 2025, 11:22 AM

  7. New Income Tax Bill, 2025 to remove 'notwithstanding' word

    The new Income Tax Bill 2025 proposes to remove 'notwithstanding' and replace it with 'irrespective'.

    February 13, 2025, 11:03 AM

  8. New Income Tax Bill 2025 Live Updates: Salaried employee? Know how I-T Bill 2025 defines salary income for taxation

    The New Income-Tax Bill 2025 has simplified the definition of income to be taxed as salary. Any income earned by taxpayers is taxed under different heads of income. In the new bill, there are five heads of income, including salary. Read More.

    February 13, 2025, 10:45 AM

  9. New Income Tax Bill 2025 Live Updates: When did the Union Cabinet approve the new Tax Bill?

    The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the new Income Tax Bill, 2025 on Friday, February 7.

    February 13, 2025, 10:31 AM

  10. New Income Tax Bill 2025 Live Updates: How many pages did the Income Tax Act, 1961 have?

    New Income Tax Bill 2025 Live Updates: When the Income Tax Act, 1961, was brought in, it had 880 pages. It has 298 sections, 23 chapters and 14 schedules.

    February 13, 2025, 10:17 AM

  11. What happens after new Income Tax Bill, 2025 is introduced in Lok Sabha?

    Once introduced in the Lok Sabha on Thursday, the new Income Tax Bill, 2025 will be sent to the Parliamentary Standing Committee (PSC) on Finance for further deliberations.

    February 13, 2025, 10:00 AM

  12. New 2025 Income Tax Bill spans 622 pages

    The New Income Tax Bill 2025 is 622 pages long, comprising 536 sections, 23 chapters and 16 schedules in just 622 pages. This compares with 298 sections, 23 chapters and 14 schedules in the Income Tax Act, 1961.

    February 13, 2025, 09:44 AM

  13. New Income Tax Bill 2025 Live Updates: Proviso and explanations have been substantially reduced, says AKM Global's Tax Partner

    According to AKM Global's Tax Partner Amit Maheshwari there are several cross-referencing between sections and rules in the current law that often led to complications for taxpayers.

    "In the new bill, the number of proviso and explanations have been substantially reduced and the references to rules and other sections have been curtailed. This will ensure that a taxpayer will be able to gain sensible understanding of," Maheshwari told PTI.

    February 13, 2025, 09:33 AM

  14. What is New Income Tax Bill, 2025?

    The new Income Tax Bill, 2025, seeks to replace the Income Tax Act, 1961, which has become too voluminous because of the amendments made over the past 60 years.

    The bill seeks to simplify the tax language which has often caused confusion among taxpayers.

    February 13, 2025, 09:19 AM

  15. New Income Tax Bill 2025 aims to reduce legal disputes and encourage voluntary tax compliance, says Deloitte India partner

    Deloitte India partner Rohinton Sidhwa, speaking to news agency PTI, said, "By replacing complex provisions with clearer provisions, it aims to reduce legal disputes and encourage voluntary tax compliance... the bill promises a more streamlined, accessible tax system, making it easier for citizens and businesses to fulfill their obligations while fostering trust in the system."

    February 13, 2025, 09:08 AM

  16. New Income Tax Bill 2025 Live Updates: Government lists new Tax bill for introduction in Lok Sabha on Thursday

    The government has listed a bill to consolidate and amend the income-tax law for introduction in the Lok Sabha on Thursday, February 13.

    As per the agenda circulated by the Lok Sabha secretariat on Wednesday, Union Finance Minister Nirmala Sitharaman will introduce the Income-Tax Bill, 2025.

    February 13, 2025, 08:56 AM

  17. New Income Tax Bill 2025 Live Updates: New Bill likely to omit obsolete sections

    The proposed simplified new Income Tax Bill 2025, which is expected to be tabled in Parliament on Thursday, will likely eliminate obsolete sections of the current Act, reduce litigation, and improve compliance, experts told news agency PTI.

    February 13, 2025, 08:46 AM

  18. New Income Tax Bill 2025 Live Updates: Will there be any change in income tax filing terminologies?

    The highly anticipated Income Tax Bill 2025 will simplify language by replacing terminology such as assessment and previous year with the easier-to-understand 'tax year'.

    February 13, 2025, 08:44 AM

  19. New Income Tax Bill 2025 Live Updates: FM Nirmala Sitharaman to introduce I-T Bill in Parliament on February 13

    New Income Tax Bill 2025 Live Updates: Finance Minister Nirmala Sitharaman will likely introduce the new Income Tax Bill 2025 in the lower House of Parliament, Lok Sabha, on Thursday, February 13. The bill will replace the Income Tax Act of 1961 and seeks to simplify tax language for the general public.

    February 13, 2025, 08:44 AM