New Delhi: The Income-Tax Bill 2025 was introduced in the Lok Sabha on Thursday by Finance Minister Nirmala Sitharaman. The Bill aims to consolidate and amend the existing laws related to income tax, with the goal of simplifying the tax structure for easier understanding by the public.
In her address, Sitharaman highlighted that the new legislation is significantly more streamlined than the current Income Tax Act of 1961. She pointed out that the proposed Bill consists of only 536 sections, compared to the 819 sections in the existing Act, and the total word count of the new Bill is almost half that of its predecessor, making it more accessible to ordinary citizens.
The Finance Minister also suggested that the Bill be sent to a select committee of Parliament for further review. She proposed that the committee submit its report on the first day of the next parliamentary session. Sitharaman dismissed objections raised by some opposition members, defending the Bill’s provisions and reaffirming that the new legislation was designed to be more user-friendly and efficient.
