According to Media Sources, The Income-Tax Bill 2025 was introduced in the Lok Sabha on Thursday. The Bill aims at consolidating and amending the law relating to income tax. Finance Minister Nirmala Sitharaman introduced the Bill in the lower house. Speaking on the Bill, she said that the new legislation has fewer sections and chapters in comparison to the existing Income Tax Act, and it has been simplified for the easy comprehension of common people. Finance Minister Nirmala Sitharaman proposed that the Bill should be sent to the select committee of Parliament for further scrutiny, and accordingly, the committee should submit a report on it on the first day of the next session.
As Per Media Sources, The Minister also rejected the objections raised by some Opposition MPs regarding the Bill. She clarified that the number of sections in the proposed Bill is 536, while there were 819 sections in the Income Tax Act of 1961. She added that the number of words in the proposed legislation is nearly half compared to the existing law.
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