{"id":39955,"date":"2025-02-14T11:56:00","date_gmt":"2025-02-14T11:56:00","guid":{"rendered":"https:\/\/newstimers.com\/index.php\/2025\/02\/14\/new-income-tax-bill-2025-introduced-in-lok-sabha-taxpayers-will-get-big-benefit\/"},"modified":"2025-02-14T11:56:00","modified_gmt":"2025-02-14T11:56:00","slug":"new-income-tax-bill-2025-introduced-in-lok-sabha-taxpayers-will-get-big-benefit","status":"publish","type":"post","link":"https:\/\/newstimers.com\/index.php\/2025\/02\/14\/new-income-tax-bill-2025-introduced-in-lok-sabha-taxpayers-will-get-big-benefit\/","title":{"rendered":"New Income Tax Bill 2025 introduced in Lok Sabha, taxpayers will get big benefit!"},"content":{"rendered":"


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Finance Minister Nirmala Sitharaman has introduced the new income tax bill in the Lok Sabha. Nirmala Sitharaman introduced the new bill on Thursday after the approval of the central government cabinet last week. Amid the uproar in the Lok Sabha, the Finance Minister put the bill on the floor of the House. Now this bill will be sent to the Parliamentary Standing Committee for further consultation. The new Income Tax bill is expected to be implemented from April 1, 2026.<\/p>\n

536 sections in new bill<\/strong><\/h3>\n

The new bill has 536 sections, 23 chapters and 16 schedules. It is just 622 pages. There is no talk of imposing any new tax in this. This bill simplifies the language of the current Income Tax Act, 1961. Explain that the current six decades old law has 298 sections and 14 schedules. When this act was introduced, it had 880 pages.<\/p>\n

What are the changes<\/strong><\/h3>\n

In the new bill, unnecessary sections related to fringe benefit tax have been removed. Being free from the ‘explanation or provisions’ of the bill makes it easy to read and understand it. Along with this, the word ‘despite the Income Tax Act, 1961 used several times,’ has been removed in the new bill and instead the word ‘unavoidable’ has been used almost everywhere.<\/p>\n

Talk is from TDS to salary<\/strong><\/h3>\n

Income tax bills use small sentences. In addition, it has been made adapted to reading by the use of tables and formulas. Tables have been given for provisions related to deduction for TDS, estimated taxation, salary and stuck loans. The new bill also has a ‘taxpayer charter’ which outlines the rights and obligations of taxpayers. This bill has a tax year concept. In this, the term of the Assessment Year of the Income Tax Act, 1961 has been removed.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Finance Minister Nirmala Sitharaman has introduced the new income tax bill in the Lok Sabha. Nirmala Sitharaman introduced the new bill on Thursday after the approval of the central government cabinet last week. Amid the uproar in the Lok Sabha, the Finance Minister put the bill on the floor of the House. Now this bill […]<\/p>\n","protected":false},"author":1,"featured_media":39956,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.ujjwalpradesh.com\/wp-content\/uploads\/2025\/02\/new-income-tax-bill-2025.jpg","fifu_image_alt":"","footnotes":""},"categories":[11],"tags":[],"class_list":{"0":"post-39955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\nNew Income Tax Bill 2025 introduced in Lok Sabha, taxpayers will get big benefit! - News Timers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newstimers.com\/index.php\/2025\/02\/14\/new-income-tax-bill-2025-introduced-in-lok-sabha-taxpayers-will-get-big-benefit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Income Tax Bill 2025 introduced in Lok Sabha, taxpayers will get big benefit! - News Timers\" \/>\n<meta property=\"og:description\" content=\"Finance Minister Nirmala Sitharaman has introduced the new income tax bill in the Lok Sabha. Nirmala Sitharaman introduced the new bill on Thursday after the approval of the central government cabinet last week. Amid the uproar in the Lok Sabha, the Finance Minister put the bill on the floor of the House. 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