On Monday, Lok Sabha approved a regulated new income tax law, 2025 and the Acts on Tax Acts (amendment), 2025.
The proposal of income tax (No. 2), 2025, was approved shortly after the Minister of Finance Nirmala Sithaman submitted a revised bill.
After passing through the fundamental new income Tax Act, 2025, Lok Sabha was interrupted on that day.
On Monday, Nirmala Sithaman introduced a modified income tax in Lok Sabha after “almost all recommendations of the selection committee”.
The new revised Income Tax Act, 2025, focuses on the consolidation and amendment to the income -related laws and replaces the Income Tax Act of 1961.
In order to replace the current act, the bill must be approved by Rajya Sabha and then he will seek the president’s nod.
“Almost all recommendations of the selection committee have been adopted by the government. In addition, proposals for changes that would more precisely pass on the proposed legal significance were received from the parties,” said the declaration of subjects and reasons for the regulated income of 2025.
What are the changes in income tax, 2025?
The selection committee of parliament led by BJP Baijayant Panda recommended a number of changes in the old version of the income tax, 2025.
“There are repairs in the nature of designing, aligning phrases, subsequent changes and crosses. Therefore, the Government has been adopted a decision on the abolition of the Income Tax Act, as stated by the Select Committee.
The Committee for the selection submitted 285 recommendations aimed at simplifying the tax regime and simplifying the income tax regulations. Overall, the parliamentary panel submitted a total of 566 proposals/recommendations in its 4,584 -page report. Some of her recommendations included –
(Tagstotranslate) income tax proposal 2025
