The cabinet was approved by the revised Act on Income Tax 2025, sources said on Friday.
Approval comes weeks after a new version of the draft Tax Act has been submitted to the Cabinet, which includes most of the recommendations issued by the selection committee, chaired by BJP Baijayant.
The revised new income tax law, 2025, will be submitted in parliament on Monday, August 11, said sources.
The proposal of income taxes 2025, which was introduced in Lok Sabha 13 February to replace the existing income tax of 1961, was formally withdrawn.
Before the house was interrupted, the Minister of Finance Nirmala Sitharaman withdrew the earlier “draft of the 2025 income Act”, and the selection commission submitted its report on it.
The government accepted almost all recommendations issuing a selection. The proposals have also been received that must be integrated in order to mediate the right legislative significance.
A new income tax account
In the budget of 2024, which was introduced in July of that year, the government proposed a comprehensive review of the 1961 income Act.
The draft tax on income of 2025 was submitted in Parliament 13 February 2025 and was referred to the selection committee for a detailed test on the same date.
After comprehensive negotiations, the Committee submitted 285 recommendations aimed at simplifying the tax regime and simplifying income tax legislation.
After this 21st July, the chairman of the Income Tax Committee and the party deputy Bharatiya Janata Baijyant Panda submitted a report of 4,584 parties to the selection commission for a 2025 income tax in Lok Sabha.
The Committee for the Tax Act of income tax 2025 made a thorough review of the proposal. According to an official statement, consultations were carried out by stakeholders, meetings with industry leaders, medium -level tax experts, legal experts, MSME bodies, non -profit organizations, economists and civil society representatives to collect different perspectives.
The 31-member panel submitted a number of proposals and favored the ongoing exemption from the anonymous gifts provided to the credible trusted in the new law, except that taxpayers could require TDS to return the ITR return without paying the due date.
(Tagstotranslate) income tax proposal
