Brief by Shorts91 Newsdesk / 04:11am on 08 Feb 2025,Saturday India
The Union Cabinet has approved a new income tax bill to replace the 1961 Income-tax Act, aiming to simplify direct tax laws. The bill removes complex provisions and explanations, ensuring clarity without imposing additional tax burdens. It will be introduced in Parliament next week and sent to the Standing Committee on Finance. The Central Board of Direct Taxes (CBDT) reviewed 6,500 stakeholder suggestions. Finance Minister Nirmala Sitharaman announced the bill in Budget 2025-26. The ongoing budget session’s first phase ends on February 13, with the second phase resuming on March 10.
