New Income Tax Bill: Simplification on the Horizon

A Parliamentary panel is inviting expert suggestions on the Income Tax Bill-2025, aimed at simplifying current tax laws. Chaired by BJP's Baijayant Panda, the committee has engaged with industry leaders and stakeholders. The bill was introduced by Finance Minister Nirmala Sitharaman and is set to take effect on April 1, 2026.

A Parliamentary committee is seeking expert opinions on the new Income Tax Bill-2025, which aims to streamline existing tax legislation. The inquiry, led by BJP's Baijayant Panda, is open to input from experts and industry groups.

Engagements have already taken place with key industry bodies, including the Confederation of Indian Industry and the Institute of Chartered Accountants of India, to gather insights and suggestions.

Introduced by Finance Minister Nirmala Sitharaman, the bill is projected to replace the existing Income Tax Act of 1961 and is scheduled to be enforced from April 1, 2026.

(With inputs from agencies.)