Budget 2025: New Tax Law Set to Replace Income Tax Act in 2025 Budget

The Indian government is poised to introduce a groundbreaking Direct Tax Code (DTC) in Budget 2025, replacing the six-decade-old Income Tax Act of 1961. This sweeping reform aims to simplify tax laws, reduce litigation, and enhance compliance. The new code is expected to streamline tax slabs, offering significant relief to middle-income earners. Taxpayers with incomes up to Rs. 15 lakh may benefit from lower effective tax rates and simplified filing processes. The DTC also promises to align India's tax structure with global standards, potentially boosting foreign investment. As the nation eagerly awaits this transformative change, experts anticipate a more taxpayer-friendly era in Indian taxation.

Source: Financial Express