Govt to introduce new IT bill in Parliament next week

Finance Minister Nirmala Sitharaman announced that a groundbreaking new Income Tax Bill will be introduced in Parliament next week. This legislation aims to simplify the tax code, potentially reducing its complexity by up to 60%. The bill is expected to streamline compliance for individual taxpayers, minimize legal disputes, and enhance overall tax efficiency. With promises of clearer language and more direct wording, this reform could mark a significant shift in India's taxation landscape, potentially affecting millions of taxpayers across the country.

Source: Union Budget 2025 speech by Finance Minister Nirmala Sitharaman