India's New Income Tax Regime: FM Nirmala Sitharaman Introduces I-T Bill 2025 in Lok Sabha
2025-02-13
Mint
In a significant move, Finance Minister Nirmala Sitharaman has tabled the Income Tax Bill 2025 in Lok Sabha, proposing to replace the outdated 1961 Act. The new bill, set to come into effect from April 2026, aims to simplify and consolidate tax laws, providing relief to taxpayers and promoting economic growth through tax reform and financial planning. With the goal of creating a more efficient tax system, the bill is expected to have a significant impact on personal finance and income tax returns. Key features of the bill are yet to be announced, but it is anticipated to bring about major changes in the taxation landscape.
