Income Tax Bill News LIVE: The Union Cabinet has approved the new Income Tax Bill on Friday, February 7, potentially leading to its introduction in the Lok Sabha early next week. This bill is part of a larger effort to reform the tax system and aims to overhaul the existing tax structure to make it more streamlined and transparent.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on February 7 approved new Income Tax bill, PTI reported citing sources. It will now be presented in the Parliament next week and would be sent to Parliament’s Standing Committee on Finance, it added.
The Union Budget 2025 announced that the Ministry of Finance will table the new Income Tax Bill in front of the Union Cabinet this week. Union Finance Minister Nirmala Sitharaman, in her annual press conference after the Budget, said that she hopes that the bill passes without any difficulties.
The Indian government aims to bring simplicity to the taxpayers with the new income tax bill and also announced that it will be 50 per cent less in text and clearer compared to the previous one.
Income Tax Bill News LIVE: New I-T Bill expected in Parliament this week
Good morning and welcome to Livemint’s LIVE coverage of the new Income Tax Bill expected to be announced in Parliament this week
The new bill, announced by Finance Minister Nirmala Sitharaman in the Union Budget, was approved by the Union Cabinet on February 7.