The government is likely to table the much anticipated New Income Tax Bill in Parliament on Thursday, according to sources, who added that the proposed legislation spans over 600 pages, proposing the new legislation as the Income Tax Act, 2025. Once passed, it will come into effect from April 1, 2025.
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. The bill will replace the existing six-decade-old Income Tax Act, 1961, to make the law simpler, more concise, and easier to interpret.
Experts have often called the current Income Tax Act of 1961 complex, cumbersome, and leading to a lot of litigation. The government has acknowledged the need for a new, simplified direct tax law, aiming to reduce ambiguities and curb litigation.
Sources have alluded that the new bill aims to bring in ease of compliance as new simplified rules will help reduce compliance processes by streamlining paperwork, integrating digital platforms, and simplifying return filing mechanisms.
(Edited by : Ajay Vaishnav)
