India's New Tax Bill Set to Revolutionize Income Tax System with Historic Reforms

The Indian government is poised to introduce a groundbreaking Income Tax Bill on February 6, 2025, marking the most significant tax reform in decades. The new bill will slash the existing law's word count from 600,000 to 300,000 words, making it more streamlined and user-friendly. Under the reformed system, individuals earning up to ₹12 lakh annually will pay zero tax, while salaried employees will enjoy an increased exemption limit of ₹12.75 lakh due to a ₹75,000 standard deduction. This transformative legislation aims to simplify compliance and reduce litigation while benefiting over 10 million taxpayers.

Source: Business Standard