New Income Tax Bill 2025 Live Updates: The new Income Tax Bill, 2025, provides a special provision for capital gains computation in the case of market-linked debentures.

New Income Tax Bill 2025 Live Updates: The new Income Tax Bill, 2025 will does not refer to 'explanations or provisos'. Instead, it will use tables and formulae.

New Income Tax Bill 2025 Live Updates: The new Income Tax Bill 2025 may have 536 sections, 23 chapters and 16 schedules in 622 pages.

Following the introduction of the new Income Tax Bill, 2025 in the Lok Sabha, the lower House of Parliament has been adjourned until 11 am on March 10.

Finance Minister Nirmala Sitharaman has urged Speaker Om Birla, to refer new Income Tax Bill, 2025, to Select Committee of Lok Sabha.

New Income Tax Bill 2025 Live Updates: Union Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025 in Lok Sabha, the lower House of Parliament, on Thursday, February 13.

The bill will replace the Income Tax Act, 1961.

New Income Tax Bill 2025 Live Updates: The proposed Income Tax Bill, 2025, simplifies language, uses shorter sentences and omits redundant provisions. The Bill will also replace terms like 'assessment' and 'previous year' with easier-to-understand 'tax year.'

The Parliament Budget session will be live streamed on the YouTube channel of Sansad TV.

On Thursday, Finance Minister Nirmala Sitharaman will likely introduce the new Income Tax Bill in Lok Sabha.

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

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.

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

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.

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

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

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

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

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.

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.

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.

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.

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.

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.

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'.

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.