Sansad Tv
Parliament passed the New Income Tax Bill, 2025, on Tuesday (August 12th), with the Rajya Sabha clearing it by a voice vote and returning it to the Lok Sabha. The bill was passed in the Lok Sabha on Monday.The legislation, which replaces the six-decade-old Income Tax Act, 1961, aims to simplify tax procedures, cut compliance burdens, and modernise outdated provisions. Piloting the Income Tax Bill, 2025 in the Rajya Sabha, Finance Minister Nirmala Sitharaman said it did not impose any new tax rate and only simplified the language, which was required for understanding the complex Income Tax laws. The new Bill removes redundant provisions and archaic language and reduces the number of Sections from 819 in the Income Tax Act of 1961 to 536 and the number of chapters from 47 to 23.The number of words have been reduced from 5.12 lakh to 2.6 lakh in the new Income Tax Bill, and for the first time, it introduces 39 new tables and 40 new formulas, replacing the dense text of the 1961 law to enhance clarity. The new Income Tax Bill was drafted within a record time of six months and introduced in the Budget session in February 2025. It will come into force from April 1, 2026.To help us understand the key provisions of the New Income Tax Bill and understand how it will impact taxpayers, businesses and the overall economy.
Guests:
Anchor: Teena Jha
Producer: Sagheer Ahmad
Guest Coordinator: Deepti Vashisht, Vinod Kumar Singh, Paras Kandpal
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