New Income Tax Bill 2025 – A simpler more transparent tax regime?
By Pragadish Kirubakaran and Pradeep Damodaran in Media News on Thursday, 13th February 2025 at 4:34pmThe much-anticipated New Income Tax Bill 2025 was tabled in Parliament today by Finance Minister Nirmala Sitharaman, marking a significant step in India’s tax reform journey. The bill spans 622 pages with 536 sections, promising a simplified, transparent and user-friendly tax structure to reduce complexities, improve compliance, and make tax filing more accessible.
Hot off the Press
The Times of India reported that while the bill does not propose a major overhaul of tax rates, it introduces key structural changes to streamline the existing framework. The Hindu also highlighted that the bill will do away with outdated provisions and reduce cross-references, ensuring a more coherent tax system.
A major highlight is the introduction of the ‘Tax Year’ concept, replacing the ‘Pr...
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