Finance Minister Nirmala Sitharaman delivered a speech at Lok Sabha at the Parliamentary Budget Conference on March 25, 2025. Image source: Screenshot of YouTube/@sansadtv
Finance Minister Nirmala Sitharaman said on Tuesday (March 25, 2025) that the new income tax bill will be discussed at the parliamentary monsoon meeting.
Responding to discussions about Lok Sabha’s 2025 Financial Act, Ms. Sitharaman said the new income tax bill proposed in the House of Representatives on February 13 has been reviewed by the Select Committee.
Parliamentary Budget Meeting: Follow real-time updates on March 25, 2025
The Election Committee has been requested to submit a report on the first day of the next Parliamentary session.
“…We will accept (new income tax bill) at the monsoon meeting,” Sithalaman said.
Watch | New Income Tax Declaration?
Parliamentary monsoon meetings usually take place in July and last until August.
The Income Tax Department earlier said the simplified Income Tax Act was half the income tax bill of 1961, trying to achieve tax certainty by minimizing the scope of litigation and new interpretations. The new bill has a word count of 260,000, which is less than 512,000 in the IT bill. For the 819 valid parts in the existing law, the number of parts is 536.
Comment | There is little change in the Income Tax Act 2025
The number of chapters has also been reduced to 47.
The Income Tax Act of 2025 has 57 tables, while 18 tables are included in the existing bill, and 1,200 postscripts and 900 interpretations have been deleted.
publishing – March 25, 2025, 19:19 pm
