Simplifying Tax: New Income Tax Bill Set for Parliament Introduction

The upcoming Income Tax Bill, as revealed by Finance Secretary Tuhin Kanta Pandey, aims to simplify the language and reduce complexity. It replaces the 1961 Income Tax Act, incorporating budget changes for 2025-26. The bill introduces no new taxes or policies, ensuring clarity and stability for taxpayers.

In a significant move, the new Income Tax Bill is set for introduction in Parliament next week, aiming to revolutionize tax legislation with simplicity and clarity. Finance Secretary Tuhin Kanta Pandey confirmed this development on Thursday.

The bill, replacing the outdated Income Tax Act of 1961, aligns with changes outlined in the 2025-26 budget, including adjustments to tax rates and TDS provisions. As articulated in Finance Minister Nirmala Sitharaman's budget speech, the legislation will undergo a preliminary discussion in the Cabinet before its parliamentary debut.

The revision, completed in just six months, eschews complexity, opting for straightforward language to benefit taxpayers. Importantly, it imposes no new taxes or burdens, aiming to provide stability and accessibility for all citizens, according to Pandey's remarks at a PHD Chambers event.

(With inputs from agencies.)