The Income Tax Bill 2025 that introduced in the Lok Sabha on February 13 to update the current Income Tax Act, 1961, has withdrawn now. A new edition of the Income Tax Bill, with new guidelines made by Select Committee chaired by BJP MP Baijayant Jay Panda introduce in Parliament on Monday.
New version of Income Tax Bill 2025 introduce on Monday
To reduce confusion by a number of versions of the Bill and to offer a up to date version with all the adjustments included, the new version of the Income Tax Bill delivered for the consideration of the House.
According to Mr Panda, who chaired the Parliamentary Select Committee responsible for reviewing the rules, the new law, once enacted simplify India’s many years-old tax system, cut down legal confusion, and help individual taxpayers and MSMEs avoid baseless litigation.
The current Income Tax Act of 1961 has passed through more than 4,000 amendments and incorporates over 5 lakh words. It has become too complicated. The new bill simplifies that by nearly 50 % — making it a long way easier for normal taxpayers to study and understand,” Mr Panda said.
New Tax system reduce burden on middle class people
He also said that the greatest beneficiaries of this simplification will be small business owners and MSMEs who frequently lack the criminal and financial knowledge to navigate complex tax systems.
The new version of Income Tax Bill 2025 will play a significant role in growing a fair and equitable system of direct taxation that ensures no additional burden of direct taxes on the working and middle-class population of the United States.
Slabs and quotes had been modified across the board to benefit all taxpayers. The new system substantially reduces the taxes of the middle class and leaves extra money in their hands, boosting family consumption, financial savings, and investment, according to the authorities.
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