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THE TIMES OF INDIA | Feb 13, 2025, 21:57:15 IST
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New Income Tax Bill 2025 Highlights: What taxpayers should know about Income Tax Bill as FM Nirmala Sitharaman tables it in Lok Sabha
New Income Tax Bill 2025 Live Updates: Finance Minister Nirmala Sitharaman tabled the New Income Tax Bill in Parliament today with an aim to eventually replace the Income Tax Act 1961. The New Income Tax Bill was cleared by PM Narendra Modi-led Union Cabinet last week. It features 536 clauses across 622 pages, replacing the existing 823-page law that has been in force for 64 years. According to the Lok Sabha schedule for today, the New Income Tax Bill will be tabled today. Expectations are that it will come into effect from April 1, 2026.
Will the Common Citizen Face Increased Tax Liability Under New Tax Bill?
The new tax legislation aims to maintain revenue equilibrium, with its main objective being to streamline language and ease compliance processes. Tax rates are unlikely to change under the new Income Tax law, since such adjustments usually take place via the Finance Act when the annual Union Budget is presented in Parliament on February 1. The forthcoming FY26 Budget changes will be incorporated into the new Bill.
What does the New Income Tax Act propose to do?
The new Income Tax legislation seeks to make tax laws more comprehensible and user-friendly for the general public. The government's initiative aims to cut down the length of the tax code by 50 per cent whilst using clearer language. This revision will help taxpayers better understand their responsibilities and obligations. The simplified structure is expected to minimise legal conflicts and decrease the number of disputed tax claims.
Will the Common Citizen Face Increased Tax Liability Under New Tax Bill?
The new tax legislation aims to maintain revenue equilibrium, with its main objective being to streamline language and ease compliance processes. Tax rates are unlikely to change under the new Income Tax law, since such adjustments usually take place via the Finance Act when the annual Union Budget is presented in Parliament on February 1. The forthcoming FY26 Budget changes will be incorporated into the new Bill.
What does the New Income Tax Act propose to do?
The new Income Tax legislation seeks to make tax laws more comprehensible and user-friendly for the general public. The government's initiative aims to cut down the length of the tax code by 50 per cent whilst using clearer language. This revision will help taxpayers better understand their responsibilities and obligations. The simplified structure is expected to minimise legal conflicts and decrease the number of disputed tax claims.
- The proposed New Income Tax Bill, written in clearer language, eliminates the concept of "assessment year" and introduces "tax year" to align with the financial year.
- It maintains existing structural elements and filing deadlines whilst focusing on improving comprehension to reduce legal disputes. Tax experts note this emphasis on clarity rather than systemic changes.
- The Bill incorporates tables for TDS provisions, presumptive tax rates and assessment timelines to enhance understanding. It includes formulae and replaces complex terminology with simpler alternatives.
- For instance, "irrespective of anything" now appears where "Notwithstanding" was previously used. The text has been modernised by removing dated and complex language.
20:00 (IST) Feb 13
New Income Tax Bill 2025 Live: Substantial reduction in the Act’s volume
The review has led to a substantial reduction in the Act’s volume, making it more streamlined and navigable. Key reductions are:
19:40 (IST) Feb 13
New Income Tax Bill 2025 Live: Three core principles
The simplification exercise was guided by three core principles:
1. Textual and structural simplification for improved clarity and coherence.
2. No major tax policy changes to ensure continuity and certainty.
3. No modifications of tax rates, preserving predictability for taxpayers.
1. Textual and structural simplification for improved clarity and coherence.
2. No major tax policy changes to ensure continuity and certainty.
3. No modifications of tax rates, preserving predictability for taxpayers.
19:20 (IST) Feb 13
New Income Tax Bill 2025 Live: Single concept of a tax year is easy to understand
At first blush, the code does not present any policy changes. As promised, the new tax law seems to focus primarily on simplification and consolidation such as Introducing the concept of tax year in place of assessment year in line with international parlance.
Multiple concepts of financial year, previous year and assessment year often caused confusion amongst taxpayers because of the semantics: this impacted the readability of tax law. A single concept of a tax year is easy to understand and in line with international practice (even though there may not have been any substantive change), says Gouri Puri, Partner, Shardul Amarchand Mangaldas & Co.
Multiple concepts of financial year, previous year and assessment year often caused confusion amongst taxpayers because of the semantics: this impacted the readability of tax law. A single concept of a tax year is easy to understand and in line with international practice (even though there may not have been any substantive change), says Gouri Puri, Partner, Shardul Amarchand Mangaldas & Co.
19:00 (IST) Feb 13
Income Tax Bill 2025 Live: Three-pronged approach
A three-pronged approach was adopted:
* Eliminating intricate language to enhance readability.
* Removing redundant and repetitive provisions for better navigation.
* Reorganizing sections logically to facilitate ease of reference.
* Eliminating intricate language to enhance readability.
* Removing redundant and repetitive provisions for better navigation.
* Reorganizing sections logically to facilitate ease of reference.
18:40 (IST) Feb 13
New Income Tax Bill 2025 Live: Aligns with existing provisions of Income-tax Act, 1961
The Income-tax Bill, 2025, largely aligns with the existing provisions of the Income-tax Act, 1961. At first glance, it aims to simplify the legislation by consolidating similar provisions, eliminating obsolete sections, and presenting some information in a tabular format. This approach has reduced the word count by 45 percent and decreased the number of sections from over 800 (counting alphanumeric sections like Section 115A through Section 115WM individually) to 536 sections.
Other notable changes include the adoption of terms like "tax year" instead of "previous year," the elimination of the assessment year concept, rephrasing "explanations" and "proviso" as sub-sections and breaking long sentences into shorter clauses to improve readability and implementation. The Bill continues to reference certain definitions from the Income-tax Act, 1961, and there are many cross-references between tables, which could make the reading slight cumbersome, says Sunil Badala, Head of Tax, KPMG in India.
Other notable changes include the adoption of terms like "tax year" instead of "previous year," the elimination of the assessment year concept, rephrasing "explanations" and "proviso" as sub-sections and breaking long sentences into shorter clauses to improve readability and implementation. The Bill continues to reference certain definitions from the Income-tax Act, 1961, and there are many cross-references between tables, which could make the reading slight cumbersome, says Sunil Badala, Head of Tax, KPMG in India.
18:20 (IST) Feb 13
New Income Tax Bill 2025 Live: Largely consistent with extant Income Tax Act, 1961
The new Income Tax Bill, 2025 (Bill) comprises of 536 clauses and 16 schedules running over 622 pages. However, this lengthiness is largely attributable to an attempt to break-down and split complex provisions with multiple provisos and sub-sections into concise, reader friendly clauses. The Bill incorporates modern financial and technological advancements, and employs simple verbiage while getting rid of redundant provisions and unnecessarily complex wording.
It enhances legal clarity by refining and shortening some of the lengthy, complex provisions – for instance, the tax deduction at source provisions which spanned over 35 plus sections are proposed to be consolidated under only two clauses in the Bill. The Bill offers additional guidance for certain sections that entailed complex scenarios and includes an interpretation section below the relevant provision if the provision requires additional explanation. A key change is the introduction of ‘tax year’ terminology, while doing away with the concept of ‘previous year’ and ‘assessment year’, which was confusing for most taxpayers.
While the attempt to make the law simple to understand is laudatory, a few aspects require consideration. For instance, the definition of income in the new Bill has more than 20 line items. The last line item classifies ‘any other income referred to in section 2(24) of the Income-tax Act, 1961’ as income as well. This would imply that to this extent, the new law would need to be read along with the existing act, which should ideally not be the case given the intent with which the new law has been proposed.
Despite all the changes, the overall scheme and structure of the law in the new Bill remains largely consistent with the extant Income Tax Act, 1961 ensuring continuity of key aspects. While certain issues require more consideration, this balanced approach would maintain familiarity for stakeholders while adapting to contemporary economic realities, says Himanshu Sinha & Aditi Goyal, Partner in the Tax Practice, Trilegal.
It enhances legal clarity by refining and shortening some of the lengthy, complex provisions – for instance, the tax deduction at source provisions which spanned over 35 plus sections are proposed to be consolidated under only two clauses in the Bill. The Bill offers additional guidance for certain sections that entailed complex scenarios and includes an interpretation section below the relevant provision if the provision requires additional explanation. A key change is the introduction of ‘tax year’ terminology, while doing away with the concept of ‘previous year’ and ‘assessment year’, which was confusing for most taxpayers.
While the attempt to make the law simple to understand is laudatory, a few aspects require consideration. For instance, the definition of income in the new Bill has more than 20 line items. The last line item classifies ‘any other income referred to in section 2(24) of the Income-tax Act, 1961’ as income as well. This would imply that to this extent, the new law would need to be read along with the existing act, which should ideally not be the case given the intent with which the new law has been proposed.
Despite all the changes, the overall scheme and structure of the law in the new Bill remains largely consistent with the extant Income Tax Act, 1961 ensuring continuity of key aspects. While certain issues require more consideration, this balanced approach would maintain familiarity for stakeholders while adapting to contemporary economic realities, says Himanshu Sinha & Aditi Goyal, Partner in the Tax Practice, Trilegal.
18:00 (IST) Feb 13
New Income Tax Bill 2025 Live: What are the key changes?
The Income Tax Bill 2025 represents a significant reform aimed at modernizing and simplifying India’s tax framework. It restructures provisions by increasing the number of sections while reducing overall length, enhancing clarity and ease of interpretation. All the provisions pertaining to salary have been consolidated at one place for ease of understanding so that the taxpayer does not have to refer to separate chapters for filing his return of income.
Key changes include the replacement of “assessment year” and "previous year" with “tax year,” aligning terminology with global standards. The bill has removed redundant, obsolete and unnecessary provisions. The bill also formally classifies virtual digital assets, such as cryptocurrencies, under taxable income, eliminating ambiguity. The tax slabs and rates are now structured in tabular format to improve accessibility. With a strong emphasis on digital compliance, the bill streamlines tax filing, dispute resolution, and assessment procedures, reducing litigation risks. Expected to take effect from 01 April 2026, the reform reflects the government’s intent to enhance tax certainty, promote ease of doing business, and align with international best practices, says Akhil Chandna, Partner, Global People Solutions Leader, Grant Thornton Bharat.
Key changes include the replacement of “assessment year” and "previous year" with “tax year,” aligning terminology with global standards. The bill has removed redundant, obsolete and unnecessary provisions. The bill also formally classifies virtual digital assets, such as cryptocurrencies, under taxable income, eliminating ambiguity. The tax slabs and rates are now structured in tabular format to improve accessibility. With a strong emphasis on digital compliance, the bill streamlines tax filing, dispute resolution, and assessment procedures, reducing litigation risks. Expected to take effect from 01 April 2026, the reform reflects the government’s intent to enhance tax certainty, promote ease of doing business, and align with international best practices, says Akhil Chandna, Partner, Global People Solutions Leader, Grant Thornton Bharat.
17:45 (IST) Feb 13
Income Tax Bill 2025 Live: New set of litigations?
In the past few years, a number of laws have undergone a revamp eg. Companies Act, GST Law etc. Accordingly, there was a very high expectation from the Finance Minister to revamp the Income Tax Act as well which has been in existence for the past 6 decades. However, the new tax bill is only a simplified version of the current Act with no policy level changes or change in tax rates.
The Hon’ble Finance Minister in the budget speech in July 2024 stated that the purpose of the comprehensive review of the Income-tax Act, 1961, is to make the Act “concise, lucid, easy to read and understand”. For this purpose, the provisos and explanations have been done away with and made part of the section / clauses itself. The various provisions that were scattered are now grouped together. The new tax bill has removed the redundant sections that were cluttering the Act.
It may be interesting to see that due to change in language and change in certain definitions, whether there will be new set of litigations, says Anita Basrur, Partner, Sudit K. Parekh & Co. LLP.
The Hon’ble Finance Minister in the budget speech in July 2024 stated that the purpose of the comprehensive review of the Income-tax Act, 1961, is to make the Act “concise, lucid, easy to read and understand”. For this purpose, the provisos and explanations have been done away with and made part of the section / clauses itself. The various provisions that were scattered are now grouped together. The new tax bill has removed the redundant sections that were cluttering the Act.
It may be interesting to see that due to change in language and change in certain definitions, whether there will be new set of litigations, says Anita Basrur, Partner, Sudit K. Parekh & Co. LLP.
17:30 (IST) Feb 13
New Income Tax Bill 2025 Live: Qualitative Improvements
- Simplified language, making the law more accessible.
- Consolidation of amendments, reducing fragmentation.
- Removal of obsolete and redundant provisions for greater clarity.
- Structural rationalization through tables and formulae for improved readability.
- Preservation of existing taxation principles, ensuring continuity while enhancing usability.
17:15 (IST) Feb 13
New Income Tax Bill 2025 Live: A Comparison of the Old and New Income-Tax Framework
The Income-tax Bill, 2025, tabled in Parliament today by the Finance Minister, seeks to revamp the existing Income-tax Act of 1961 by making the tax system more streamlined and user-friendly. It introduces several notable changes. One such significant change is the replacement of the term "Assessment Year" with "Tax Year. "
Proposed to come into effect from April 1, 2026, the new bill reduces the number of chapters and sections, while keeping the current tax rates and structure unchanged. Notable changes include reorganizing major tax exemptions into distinct schedules for better clarity.
The bill also simplifies the tax framework by removing numerous provisos and explanations, incorporating them into new clauses. It introduces an 'interpretation' section to define key terms and reformulates many provisions into tables for improved readability.
Additionally, provisions from the original Act are retained for continuity, and rule-making powers are delegated to the CBDT and Central Government to ensure effective implementation, says Rohinton Sidhwa, Partner, Deloitte India.
Proposed to come into effect from April 1, 2026, the new bill reduces the number of chapters and sections, while keeping the current tax rates and structure unchanged. Notable changes include reorganizing major tax exemptions into distinct schedules for better clarity.
The bill also simplifies the tax framework by removing numerous provisos and explanations, incorporating them into new clauses. It introduces an 'interpretation' section to define key terms and reformulates many provisions into tables for improved readability.
Additionally, provisions from the original Act are retained for continuity, and rule-making powers are delegated to the CBDT and Central Government to ensure effective implementation, says Rohinton Sidhwa, Partner, Deloitte India.
17:00 (IST) Feb 13
New Income Tax Bill 2025 Live: Significant modernization of India’s tax regime
“The Income-Tax Bill, 2025, represents a significant modernization of India’s tax regime, proposed to be effective from the tax year 2026-27. It reworks the existing Income-tax Act, 1961, by removing provisos and explanations, consolidating TDS provisions into a single clause, extensive use of tables for better readability, and removing redundant sections. This restructuring transforms 298 sections (effectively 819 sections) into 536 clauses, thereby enhancing clarity. Major tax concepts such as indirect transfers, GAAR, capital gains, SEP, taxation of royalty/ FTS, tax rates and residential status remain largely unchanged. The new Bill also incorporates amendments proposed by Budget 2025.
The existing law will continue to govern proceedings for years preceding tax year 2026-27, and pending proceedings before appellate forums and courts will be disposed of in accordance with the existing law.
The new Bill maintains the base of the existing Act, ensuring continuity and familiarity for taxpayers and practitioners, while aiming to improve clarity and streamline tax processes, says Shaily Gupta, Partner at Khaitan & Co.
The existing law will continue to govern proceedings for years preceding tax year 2026-27, and pending proceedings before appellate forums and courts will be disposed of in accordance with the existing law.
The new Bill maintains the base of the existing Act, ensuring continuity and familiarity for taxpayers and practitioners, while aiming to improve clarity and streamline tax processes, says Shaily Gupta, Partner at Khaitan & Co.
16:45 (IST) Feb 13
New Income Tax Bill 2025 Live: Significant step towards a simpler tax system
"The Income Tax Bill of 2025 marks a significant step towards a simpler tax system. By cutting down on sections and words, it aims to make the tax code more straightforward and user-friendly. The introduction of a 'tax year' concept clears up confusion around tax periods, encouraging easier compliance. This Bill goes beyond its simplification objectives; it's a commitment to a transparent and efficient approach to taxation, designed to support the taxpayer and contribute to steady economic growth,” says Sameer Gupta, National Tax Leader, EY India.
16:30 (IST) Feb 13
New Income Tax Bill 2025 Live: No additional tax burden on taxpayers
“As was expected, the New Income Tax Bill doesn’t seek to introduce any additional tax burden on taxpayers. What the bill attempts to do is simplify the language contained in the Income-tax Act of 1961, provide greater clarity through explanations and provides more transparency to taxpayers. Another important aspect introduced through the new tax bill is providing guidance on the taxability of income streams emanating through new age business such as digital assets etc,” says Munjal Almoula, Head of Tax & Regulatory Services, BDO India.
16:15 (IST) Feb 13
New Income Tax Bill 2025 Live: It’s progressive
“The new Income Tax Bill is progressive in that it makes a serious attempt to simplify and remove ambiguity. With sharp definitions of new growth industry’s such as Online Games with its humongous potential (4 times the size of the Movie and Music industry taken together worldwide) it makes a sincere effort to stay abreast with the times. It also recognises the importance of such industries in contributing to India’s economic growth both in terms of GDP growth and jobs and shows that a lot of thought and sensitivity has gone into creating this important Bill, says Amrit Kiran Singh, President, Skill Online Games Institute.
16:00 (IST) Feb 13
New Income Tax Bill 2025 Live: Top 5 points to know
As expected, new Income-tax Act will not be a complete overhaul of existing law but is a simplified version which has removed outdated provisions & complex language. Few areas that are worth attention of Individual tax-payers:
1. There are still two regimes of taxation. New Tax Regime is the default regime but you have an option to opt for old regime. Hence, the task for weighing both the regimes will still haunt the tax-payers.
2. No change in the different heads of income subject to tax but scope is expanded to cover modern income streams from virtual assets and online activities.
3. Same income-tax slab rate with rebate to ensure taxable income upto INR 12 lakhs remain untaxed.
4. No change in residential status determination framework.
5. Greater focus on streamlining taxpayer friendly administration with emphasis on automation to reduce human intervention, says Preeti Sharma , Partner – Tax & Regulatory Services, BDO India LLP.
1. There are still two regimes of taxation. New Tax Regime is the default regime but you have an option to opt for old regime. Hence, the task for weighing both the regimes will still haunt the tax-payers.
2. No change in the different heads of income subject to tax but scope is expanded to cover modern income streams from virtual assets and online activities.
3. Same income-tax slab rate with rebate to ensure taxable income upto INR 12 lakhs remain untaxed.
4. No change in residential status determination framework.
5. Greater focus on streamlining taxpayer friendly administration with emphasis on automation to reduce human intervention, says Preeti Sharma , Partner – Tax & Regulatory Services, BDO India LLP.
15:50 (IST) Feb 13
New Income Tax Bill 2025 Live: Trust first, scrutinize later
The new Income-tax Bill, 2025 represents a significant overhaul of India's tax legislation, marking a pivotal shift towards simplification and modernization of the Income-tax Act of 1961 (‘the 1961 Act’). The Bill, which spans into 622 pages, reduces the complexity of the 1961 Act and replaces intricate legal jargons with clear and straightforward language. Another notable aspect of the Bill is the strategic use of tables and formulas, which will help simplify interpretation of the provisions. The Bill aims to minimize disputes and litigation while enhancing taxpayer certainty.
Notably, the Bill introduces a "trust first, scrutinize later" philosophy, aligning with the government's ideology of "minimum government and maximum governance." Unlike the 1961 Act, the Bill empowers the CBDT to establish tax administration rules and implement digital tax monitoring systems, thereby increasing efficiency without frequent legislative changes. Scheduled to take effect on April 1, 2026, the Bill is set to foster a more transparent and taxpayer-friendly environment, representing a historic milestone in India's tax landscape,” says Himanshu Parekh, Partner, Tax, KPMG in India.
Notably, the Bill introduces a "trust first, scrutinize later" philosophy, aligning with the government's ideology of "minimum government and maximum governance." Unlike the 1961 Act, the Bill empowers the CBDT to establish tax administration rules and implement digital tax monitoring systems, thereby increasing efficiency without frequent legislative changes. Scheduled to take effect on April 1, 2026, the Bill is set to foster a more transparent and taxpayer-friendly environment, representing a historic milestone in India's tax landscape,” says Himanshu Parekh, Partner, Tax, KPMG in India.
15:40 (IST) Feb 13
New Income Tax Bill 2025 Live: Referred to select committee of the House
Finance Minister Nirmala Sitharaman presented the Income Tax Bill, 2025, in the Lok Sabha on Thursday and requested Speaker Om Birla to send it to a select committee. Despite opposition members' protests during the introduction phase, the House approved its presentation through a voice vote.
During the Bill's introduction, Sitharaman requested Birla to forward the draft legislation to a House select committee, which would present its findings on the first day of the upcoming session.
She asked the speaker to decide on the suggested committee's structure and guidelines.
The significant legislation aims to replace complex terms like "assessment year" and "previous year" with the straightforward "tax year", as part of efforts to make the language clearer whilst eliminating provisos and explanations.
During the Bill's introduction, Sitharaman requested Birla to forward the draft legislation to a House select committee, which would present its findings on the first day of the upcoming session.
She asked the speaker to decide on the suggested committee's structure and guidelines.
The significant legislation aims to replace complex terms like "assessment year" and "previous year" with the straightforward "tax year", as part of efforts to make the language clearer whilst eliminating provisos and explanations.
15:30 (IST) Feb 13
New Income Tax Bill 2025 Live: Several suggestions of taxpayers included
“Income tax Bill 2025 that has been tabled in the parliament today takes into consideration several suggestions of taxpayers on simplification of the statute. There is an attempt to simplify the language by using shorter sentences, removing provisos and explanation and deleting the obsolete provisions. It is heartening to see use of tables with notes and use of formulae, which will make it easier for taxpayers to comprehend and comply with law. As it is effective from 1 April 2026, there will be adequate time available to stakeholders to assess and imbibe these changes,” says Riaz Thingna, Partner - Tax, Grant Thornton Bharat.
15:20 (IST) Feb 13
A single concept of a tax year is easy to understand and is in line with international practice
Gouri Puri, Partner, Shardul Amarchand Mangaldas & Co
15:10 (IST) Feb 13
New Income Tax Bill 2025 Live: What taxpayers want from Modi government’s latest Income Tax Act
New Income Tax Bill: The government announced in July 2024 its intention to conduct a thorough review of the Income-tax Act, 1961. The primary objective is to transform the Income Tax Act 1961 into a more straightforward, clear and comprehensive document, aiming to minimise disputes and provide taxpayers with greater tax certainty.
KPMG in India did a survey in January 2025 to gather industry perspectives on this simplification initiative. The survey encompassed responses from over 200 executives across various sectors, including Industrial Manufacturing, Automotive, Financial Services, Consumer Markets, Infrastructure, Energy and Natural Resources, Technology, Life Sciences, Healthcare and Pharma, amongst others.
Read full story here:15:00 (IST) Feb 13
New Income Tax Bill 2025 Live: Comprehensive, structured approach
“A first look at the proposed Income Tax Bill, 2025 (Bill) , which contains 536 clauses, 16 schedules, and 23 chapters, seems to fulfill the promise made by the Hon'ble Finance Minister in her budget speech in July 2024, to make the Act concise, lucid, and easy to read and understand. A comprehensive, structured approach has been adopted to group all relevant sections on a particular topic, eliminating the need to flip through pages, as is required in the existing Income Tax Act, 1961. Although the language and various terms used have also been simplified, one needs to take a deeper look to determine the extent to which it will actually help reduce disputes and litigation,” Kuldip Kumar, Partner, Mainstay Tax Advisors told TOI.
14:50 (IST) Feb 13
New Income Tax Bill 2025 Live: ‘More complicated’ - claims Congress MP
Congress MP Manish Tewari expressed his disapproval of the new Income Tax Bill, challenging Union Finance Minister Nirmala Sitharaman's assertion about its simplicity, stating that the proposed legislation is actually more intricate than its predecessor.
Speaking to ANI, Tewari said: "The Union Finance Minister had said that the new Income Tax Bill will be simpler than the previous bill. In the previous Bill, there were 296 sections. In the new Bill, there are more than 500 sections. In the previous Bill, there were 5 schedules. In the new Bill, there are 14 schedules."
He further emphasised that the new legislation has become more convoluted, contrary to the intended objective of simplification.
Speaking to ANI, Tewari said: "The Union Finance Minister had said that the new Income Tax Bill will be simpler than the previous bill. In the previous Bill, there were 296 sections. In the new Bill, there are more than 500 sections. In the previous Bill, there were 5 schedules. In the new Bill, there are 14 schedules."
He further emphasised that the new legislation has become more convoluted, contrary to the intended objective of simplification.
14:40 (IST) Feb 13
New Income Tax Bill 2025 Live: Tonnage Tax Law to Ship In Big Gains for Domestic Firms
Shipping firms in India are poised to benefit from the broadened tonnage tax scheme outlined in the new Income Tax Bill, 2025. The modifications have been incorporated under special provisions concerning shipping companies' income.
According to industry specialists, the legislation, upon approval, would enhance liquidity and sustainability of both inland and coastal shipping ventures.
"The bill proposes a major change in Indian tonnage tax law. Inland vessels that were earlier kept out of the ambit of tonnage tax scheme will now get the benefits," Rakesh Singh, secretary ICC Shipping Association, told ET.
Under the bill, tonnage tax operations shall be treated as an independent business, separate from other company activities. Companies selecting the tonnage tax scheme will have a mandatory 10-year commitment period, during which they receive corporate tax exemption.
The legislation seeks to include Indian inland vessels registered under the Inland Vessels Act 2021 within the tonnage tax framework. Previously, this system was limited to Indian ships registered under the Merchant Shipping Act, 1958.
"This amendment to the bill is aimed at promoting inland waterways as a mode of transportation by giving the option of tonnage tax to the existing and new Indian shipping companies," Singh said.
According to industry specialists, the legislation, upon approval, would enhance liquidity and sustainability of both inland and coastal shipping ventures.
"The bill proposes a major change in Indian tonnage tax law. Inland vessels that were earlier kept out of the ambit of tonnage tax scheme will now get the benefits," Rakesh Singh, secretary ICC Shipping Association, told ET.
Under the bill, tonnage tax operations shall be treated as an independent business, separate from other company activities. Companies selecting the tonnage tax scheme will have a mandatory 10-year commitment period, during which they receive corporate tax exemption.
The legislation seeks to include Indian inland vessels registered under the Inland Vessels Act 2021 within the tonnage tax framework. Previously, this system was limited to Indian ships registered under the Merchant Shipping Act, 1958.
"This amendment to the bill is aimed at promoting inland waterways as a mode of transportation by giving the option of tonnage tax to the existing and new Indian shipping companies," Singh said.
14:30 (IST) Feb 13
New Income Tax Bill 2025 Live: After GST…now direct tax overhaul
Bharatiya Janata Party (BJP) Lok Sabha MP Tejasvi Surya endorsed the new Income Tax Bill on Thursday, indicating that the new legislation would simplify matters for taxpayers across India.
In his conversation with ANI, the South Bengaluru BJP MP highlighted that the country's Direct Taxation System would undergo comprehensive changes to enhance its efficiency, simplicity and user-friendliness.
"For almost 60 years, India's Income Tax Act was not reviewed. Like many other areas where PM Narendra Modi's government has brought tremendous reforms, India's Direct Taxation System will also be overhauled to make it modern, simple, rational, and more compliance-friendly," Surya said.
He drew parallels with the GST implementation, stating, "We did the same for India's indirect taxation system through GST... From the perspective of the common man, it has brought down the prices of goods and services, which was not the case under the earlier VAT regime. The new Income Tax Bill is going to make the lives of India's taxpayers much easier."
In his conversation with ANI, the South Bengaluru BJP MP highlighted that the country's Direct Taxation System would undergo comprehensive changes to enhance its efficiency, simplicity and user-friendliness.
"For almost 60 years, India's Income Tax Act was not reviewed. Like many other areas where PM Narendra Modi's government has brought tremendous reforms, India's Direct Taxation System will also be overhauled to make it modern, simple, rational, and more compliance-friendly," Surya said.
He drew parallels with the GST implementation, stating, "We did the same for India's indirect taxation system through GST... From the perspective of the common man, it has brought down the prices of goods and services, which was not the case under the earlier VAT regime. The new Income Tax Bill is going to make the lives of India's taxpayers much easier."
14:22 (IST) Feb 13
New Income Tax Bill 2025 Live: Key Highlights
* The Income Tax Bill, 2025, features simplified language, eliminates unnecessary provisions and uses concise sentences;
* No additional taxes introduced in the Bill; it consolidates existing tax provisions from the Income Tax Act, 1961;
* Contains 536 sections, 23 chapters and 16 schedules within 622 pages, compared to the 1961 Act's 298 sections, 23 chapters and 14 schedules;
* Implementation scheduled for April 1, 2026; regulations to be established after Act notification;
* Incorporates both traditional and contemporary tax frameworks for individuals, HUFs and other entities;
* Introduces 'Tax year' concept, eliminates complex terms like 'Previous year' and 'Assessment year';
* Replaces 'notwithstanding' with 'irrespective' for clarity;
* Utilises tables and formulae instead of 'explanations or provisos';
* Incorporates Taxpayer's Charter detailing rights and responsibilities;
* Includes specific provisions for calculating capital gains on market-linked debentures;
* Relocates income exclusions to Schedules for improved clarity;
* Consolidates salary deductions including standard deduction, gratuity, leave encashment in a single section, rather than dispersing across multiple sections/rules.
* No additional taxes introduced in the Bill; it consolidates existing tax provisions from the Income Tax Act, 1961;
* Contains 536 sections, 23 chapters and 16 schedules within 622 pages, compared to the 1961 Act's 298 sections, 23 chapters and 14 schedules;
* Implementation scheduled for April 1, 2026; regulations to be established after Act notification;
* Incorporates both traditional and contemporary tax frameworks for individuals, HUFs and other entities;
* Introduces 'Tax year' concept, eliminates complex terms like 'Previous year' and 'Assessment year';
* Replaces 'notwithstanding' with 'irrespective' for clarity;
* Utilises tables and formulae instead of 'explanations or provisos';
* Incorporates Taxpayer's Charter detailing rights and responsibilities;
* Includes specific provisions for calculating capital gains on market-linked debentures;
* Relocates income exclusions to Schedules for improved clarity;
* Consolidates salary deductions including standard deduction, gratuity, leave encashment in a single section, rather than dispersing across multiple sections/rules.
14:18 (IST) Feb 13
New Income Tax Bill 2025 Live: Latest Income Tax Slabs under new tax regime
- 0-4,00,000 - 0%
- 4,00,001-8,00,000 - 5%
- 8,00,001-12,00,000 - 10%
- 12,00,001-16,00,000 - 15%
- 16,00,001-20,00,000 - 20%
- 20,00,001-24,00,000 - 25%
- 24,00,001 and above - 30%
14:16 (IST) Feb 13
New Income Tax Bill 2025 Live: New Income Tax bill tabled
Finance Minister Nirmala Sitharaman on Thursday tabled the New Income Tax Bill 2025 in Lok Sabha.
14:12 (IST) Feb 13
New Income Tax Bill 2025 Live: Some key numbers
Number of persons filing I-T returns has more than doubled in last 10 years while collection is up almost four-fold. Mop-up in next fiscal is projected to grow to 4% of GDP, substantially higher than 2.1% in FY16. A look at key numbers.
14:00 (IST) Feb 13
New Income Tax Bill 2025 Live: Some details
The New Income Tax Bill aims to establish a collaborative approach where multiple tax authorities can simultaneously exercise powers and carry out duties across regions or individuals with flexible jurisdictional boundaries. "For the disposal of appeal…the government may notify a scheme, so as to dispose of appeals in an expedient manner with transparency and accountability," as stated in the bill.
The proposal suggests that this can be achieved by removing direct contact between the Joint Commissioner (Appeals) and the appellant where technically possible. It also recommends that certain provisions of the Act concerning jurisdiction and appeal disposal procedures may be suspended or implemented with specific modifications and adaptations.
The proposal suggests that this can be achieved by removing direct contact between the Joint Commissioner (Appeals) and the appellant where technically possible. It also recommends that certain provisions of the Act concerning jurisdiction and appeal disposal procedures may be suspended or implemented with specific modifications and adaptations.
13:50 (IST) Feb 13
New Income Tax Bill 2025 Live: Charter for Taxpayers
"The Board shall adopt and declare a Charter for Taxpayers and issue such orders, instructions, directions or guidelines to other income-tax authorities as it considers fit for the administration of such charter," stated the finance ministry in the Income Tax Bill 2025.
The charter aims to establish principles for treating taxpayers with honesty, providing appeal mechanisms, ensuring timely decision-making, protecting privacy, maintaining confidential information, ensuring accountability of authorities and minimising compliance costs.
The CBDT's integration of the charter into the finance bill strives to improve transparency and strengthen taxpayer rights whilst ensuring equitable treatment and reducing administrative obstacles. The bill proposes to implement faceless jurisdiction by minimising direct contact between tax authorities and assessees where technologically viable, whilst optimising resource utilisation through economies of scale and specialised functions.
The charter aims to establish principles for treating taxpayers with honesty, providing appeal mechanisms, ensuring timely decision-making, protecting privacy, maintaining confidential information, ensuring accountability of authorities and minimising compliance costs.
The CBDT's integration of the charter into the finance bill strives to improve transparency and strengthen taxpayer rights whilst ensuring equitable treatment and reducing administrative obstacles. The bill proposes to implement faceless jurisdiction by minimising direct contact between tax authorities and assessees where technologically viable, whilst optimising resource utilisation through economies of scale and specialised functions.
13:40 (IST) Feb 13
New Income Tax Bill 2025 Live: Taxpayers’ Charter to List Rights & Duties
The upcoming Income Tax Bill, scheduled for Parliamentary presentation on Thursday, empowers the Central Board of Direct Taxes (CBDT) to establish and announce a Taxpayers' Charter, along with guidelines for its implementation.
"Over the past 10 years, our government has implemented several reforms for the convenience of taxpayers, such as faceless assessment, taxpayers' charter, faster returns, almost 99% returns being on self-assessment, and Vivad se Vishwas scheme," finance minister Nirmala Sitharaman said in her budget FY26 speech on February 1.
"Continuing these efforts, I reaffirm the commitment of the tax department to 'trust first, scrutinise later,"she added.
The bill introduces significant modifications to compliance procedures, with the Taxpayers' Charter being a key component of these proposed changes.
"Over the past 10 years, our government has implemented several reforms for the convenience of taxpayers, such as faceless assessment, taxpayers' charter, faster returns, almost 99% returns being on self-assessment, and Vivad se Vishwas scheme," finance minister Nirmala Sitharaman said in her budget FY26 speech on February 1.
"Continuing these efforts, I reaffirm the commitment of the tax department to 'trust first, scrutinise later,"she added.
The bill introduces significant modifications to compliance procedures, with the Taxpayers' Charter being a key component of these proposed changes.
13:30 (IST) Feb 13
Income Tax Bill 2025 Live: Streamlined system
The proposed Income Tax Bill, 2025, seeks to establish a streamlined system by adjusting tax brackets and easing compliance requirements, whilst implementing stricter penalties for non-compliance. The timing of this legislation coincides with challenging global conditions, compelling the nation to optimise internal mechanisms for achieving substantial economic growth. The revised tax framework, designed to attract investments, aligns with these economic objectives.
13:21 (IST) Feb 13
New Income Tax Bill 2025 Live: What FM Sitharaman said earlier this month
During her Budget address on July 23, 2024, Finance Minister Nirmala Sitharaman declared that a comprehensive assessment of the Income Tax Act, 1961, would be finalised within six months. She highlighted that the updated Income Tax Act would be uncomplicated, transparent and readily comprehensible.
In her subsequent Budget presentation on February 1, 2025, for fiscal year 2025-26, FM Sitharaman confirmed that the Income Tax Bill would be presented in Parliament during the ongoing Budget session. She stated this would minimise legal conflicts and offer taxpayers better clarity, whilst reducing contested tax demands.
In her subsequent Budget presentation on February 1, 2025, for fiscal year 2025-26, FM Sitharaman confirmed that the Income Tax Bill would be presented in Parliament during the ongoing Budget session. She stated this would minimise legal conflicts and offer taxpayers better clarity, whilst reducing contested tax demands.
13:00 (IST) Feb 13
New Income Tax Bill 2025 Live: Key measures
12:52 (IST) Feb 13
New Income Tax Bill 2025 Live: A comprehensive overhaul of the I-T Act is essential
The Income Tax Act of 1961 needs modernisation to align with contemporary methods of personal income generation and business practices. Established during India's nascent republic period, the Act addressed the challenges prevalent then. Although periodic amendments accommodated evolving needs, digital advancements have revolutionised tax administration. Today's system utilises pre-filled ITR forms, drawing information from diverse sources like TDS declarations from banks, employers, foreign exchange dealers and property dealings.
The legislation has grown cumbersome through countless modifications spanning six decades. The rapid pace of technological advancement and evolving socio-economic landscape demand a thorough revision of this dated Act. Its intricate structure, comprising interlinked sections, sub-sections and provisos, poses significant comprehension difficulties for the average taxpayer.
The legislation has grown cumbersome through countless modifications spanning six decades. The rapid pace of technological advancement and evolving socio-economic landscape demand a thorough revision of this dated Act. Its intricate structure, comprising interlinked sections, sub-sections and provisos, poses significant comprehension difficulties for the average taxpayer.
12:45 (IST) Feb 13
New Income Tax Bill 2025 Live: Salient points
- The New Income Tax Bill provides clear definitions for virtual digital assets and overseas earnings.
- A new concept of 'tax year', spanning 12 months from April 1, is proposed to supersede the existing assessment and previous year framework.
- The legislation maintains the existing tax structure without altering the capital gains framework for commercial entities and individuals, whilst preserving current tax rates.
- Additional modifications encompass presumptive taxation for non-residents, updated handling of commercial and professional earnings, enhanced General Anti-Avoidance Rules (GAAR), and a revised structure for penalties and compliance.
- To enhance clarity, the proposal consolidates salary deductions, including standard deduction and gratuity, in a single section. It also introduces a formula-driven method for depreciation calculations to eliminate computational uncertainties in taxation. Currently, these provisions are distributed across various sections of the Income Tax Act, 1961.
12:30 (IST) Feb 13
Income Tax Bill 2025 Live: ‘Tax Year’ to be introduced
The proposed New Income Tax Bill introduces a 'tax year' definition, spanning a 12-month period starting from April 1. This would supersede the existing structure of assessment and previous year calculations, making it easier for taxpayers and also help avoid confusion.
12:15 (IST) Feb 13
New Income Tax Bill 2025 Live: Clarity on what constitutes income
The New Income Tax Bill incorporates fresh provisions that explicitly define tax regulations for disputed matters, including service contract revenue recognition, according to individuals familiar with the specifics. The Bill provides clear guidelines on what constitutes "income" to ensure broader domestic taxation of transactions, as per officials.
12:00 (IST) Feb 13
Income Tax Bill 2025 Live: Some novel concepts
The new Income Tax Bill aims to simplify direct tax legislation by eliminating outdated clauses, reducing criminal penalties, and introducing novel concepts like 'tax year' and 'Taxpayer's Charter'. These modifications represent the most significant revision of direct tax regulations, designed to be more user-friendly and minimise disputes. The proposed legislation, scheduled for Parliamentary presentation on Thursday, is anticipated to decrease legal conflicts and enhance tax adherence, according to specialists.
The comprehensive legislation, consisting of 23 chapters, 536 sections and 16 schedules, spans 622 pages, which is substantially shorter than the existing law. Without introducing additional taxes, it is set to take effect from April 1, 2026. Following the July 2024 budget announcement, the government initiated a systematic review of the Income Tax Act to create more straightforward and comprehensible direct tax legislation. The newly introduced 'Taxpayer's Charter' specifies both the rights and responsibilities of taxpayers.
The comprehensive legislation, consisting of 23 chapters, 536 sections and 16 schedules, spans 622 pages, which is substantially shorter than the existing law. Without introducing additional taxes, it is set to take effect from April 1, 2026. Following the July 2024 budget announcement, the government initiated a systematic review of the Income Tax Act to create more straightforward and comprehensible direct tax legislation. The newly introduced 'Taxpayer's Charter' specifies both the rights and responsibilities of taxpayers.
11:45 (IST) Feb 13
New Income Tax Bill 2025 Live: Understanding New Income Tax Bill
11:32 (IST) Feb 13
Income Tax Bill 2025 Live: Obsolete sections to go
The new Income Tax Bill 2025 aims to streamline the current Act by removing outdated sections, minimising legal disputes, and enhancing adherence, according to tax specialists. The fundamental purpose of this legislation is to create straightforward tax regulations that are clearer, simpler to understand, and more accommodating to taxpayers.
The legislation intends to supersede the Income Tax Act, 1961, which has grown extensively due to numerous modifications spanning six decades. The revised tax framework is anticipated to be implemented from April 1, 2026.
The legislation intends to supersede the Income Tax Act, 1961, which has grown extensively due to numerous modifications spanning six decades. The revised tax framework is anticipated to be implemented from April 1, 2026.
11:15 (IST) Feb 13
New Income Tax Bill 2025 Live: Listed for Lok Sabha today
The Lok Sabha is set to tabling of the New Income Tax Bill on Thursday that aims to streamline and modify income-tax regulations. As per the schedule shared by the Lok Sabha secretariat on Wednesday, the Income-Tax Bill, 2025 will be presented by Finance Minister Nirmala Sitharaman.
The forthcoming bill seeks to simplify the language by introducing clearer terms, such as replacing 'assessment' and 'previous year' with 'tax year'. Additionally, it will eliminate various provisos and explanations to enhance comprehension.
The forthcoming bill seeks to simplify the language by introducing clearer terms, such as replacing 'assessment' and 'previous year' with 'tax year'. Additionally, it will eliminate various provisos and explanations to enhance comprehension.
11:00 (IST) Feb 13
New Income Tax Bill 2025 Live: 622 pages and 536 clauses
Finance Minister Nirmala Sitharaman will introduce the new Income Tax Bill on Thursday, which spans 622 pages and contains 536 clauses. This legislation aims to replace the existing 64-year-old law that encompasses 823 pages with 819 sections. The proposed bill features simplified language and eliminates the concept of "assessment year" whilst establishing a "tax year" definition that corresponds with the financial year.
10:45 (IST) Feb 13
New Income Tax Bill 2025 Live: A fresh start of simple taxation in India
“The new Income Tax Bill 2025, set to be tabled in Parliament, marks a historic moment in India's tax landscape, as it will replace the current year legislation which was introduced way back in the year 1961. The bill, once passed, will come into effect from April 1, 2026.
Aimed at overhauling the nation’s tax system, the bill seeks to eliminate obsolete sections that have accumulated over decades. Its primary objective is to simplify the tax laws, ensuring they are more transparent, easier to interpret, and taxpayer friendly. By replacing complex provisions with clearer provisions, it aims to reduce legal disputes and encourage voluntary tax compliance. A notable change introduced by the bill is the shift from the ‘Assessment Year’ to the ‘Tax Year.’
This reform is a significant step towards modernizing India's tax framework, bringing greater clarity and efficiency. However, its success hinges on smooth implementation and how well taxpayers adapt to the changes. The bill promises a more streamlined, accessible tax system, making it easier for citizens and businesses to fulfill their obligations while fostering trust in the system,” says Rohinton Sidhwa, Partner, Deloitte India.
Aimed at overhauling the nation’s tax system, the bill seeks to eliminate obsolete sections that have accumulated over decades. Its primary objective is to simplify the tax laws, ensuring they are more transparent, easier to interpret, and taxpayer friendly. By replacing complex provisions with clearer provisions, it aims to reduce legal disputes and encourage voluntary tax compliance. A notable change introduced by the bill is the shift from the ‘Assessment Year’ to the ‘Tax Year.’
This reform is a significant step towards modernizing India's tax framework, bringing greater clarity and efficiency. However, its success hinges on smooth implementation and how well taxpayers adapt to the changes. The bill promises a more streamlined, accessible tax system, making it easier for citizens and businesses to fulfill their obligations while fostering trust in the system,” says Rohinton Sidhwa, Partner, Deloitte India.
10:30 (IST) Feb 13
New Income Tax Bill 2025 Live: What’s new?
What’s new in the New Income Tax Bill? The amendments do not introduce fundamental modifications to current regulations, and filing timelines remain unaltered. Legal specialists have noted that the primary objective is to enhance comprehension of the legislation, which should lead to fewer legal disputes.
10:15 (IST) Feb 13
New Income Tax Bill 2025 Live: TDS provisions
The New Income Tax Bill incorporates numerous tables detailing TDS provisions, presumptive tax rates and assessment timelines, providing better understanding. Additionally, it includes specific formulae for calculations. The phrase "irrespective of anything" has been substituted for "Notwithstanding" in multiple instances, as noted by tax specialists. The text has been modernised by eliminating outdated and complex language structures.
09:59 (IST) Feb 13
Income Tax Bill 2025 Live: Simplify tax laws
"The bill's primary objective is to simplify the tax laws, ensuring these are more transparent, easier to interpret and taxpayer friendly. By replacing complex provisions with clearer provisions, it aims to reduce legal disputes and encourage voluntary tax compliance," said Rohinton Sidhwa, partner at Deloitte India.
09:59 (IST) Feb 13
New Income Tax Bill 2025 Live: Significant step towards simplification
“The Income Tax Bill 2025 is a significant step towards simplification compared to the Income Tax Act 1961. With clearer language and a more structured layout, it substantially increased the common man's ability to interpret the law. The government has also lived up to its promise of not making substantial changes compared to the existing law and most of the laws remain unchanged.
As you've heard us voice the need and expectation for simplification, that dream now seems to be turning into reality,” says Feroze Azeez, Deputy CEO, Anand Rathi Wealth Limited.
As you've heard us voice the need and expectation for simplification, that dream now seems to be turning into reality,” says Feroze Azeez, Deputy CEO, Anand Rathi Wealth Limited.
09:49 (IST) Feb 13
New Income Tax Bill 2025 Live: Sensible understanding for taxpayers
According to Amit Maheshwari, tax partner at consulting firm AKM Global, in the earlier law, there were multiple cross references between sections and rules, which often led to complications for taxpayers. In the new bill, the number of proviso and explanations have been substantially reduced and the references to rules and other sections have been curtailed. This will ensure a taxpayer will be able to gain a sensible understanding of the section by reading the section itself and they do not need to refer to other rules and sections. Further, the old law was amended several times over 60 years and hence, there were ample references to redundant sections, previous dates and years, which have been removed now.
09:48 (IST) Feb 13
New Income Tax Bill 2025 Live: What to expect from New Income Tax Bill
"The language is simpler. One excellent change is replacement of the concept of assessment year and previous year with tax year. While innumerable provisos and explanations in the existing Act have been eliminated, various conditions attached to each exemption or deduction continue, but are couched in simpler language," said Gautam Nayak of CNK Associates, a Mumbai-based CA firm.
1 More Updates
New Income Tax Bill 2025: The proposed Income Tax Bill aims to consolidate provisions concerning salaries and perquisites, ensuring better comprehension for taxpayers.
The legislation introduces a taxpayer charter, despite previous unsuccessful attempts to establish concrete departmental commitments. Additionally, it will provide the first legal definition of crypto assets whilst eliminating certain terms like "fringe benefit".
FM Sitharaman initially revealed plans for the New Income Tax Bill during her Union Budget 2025 address. Following its introduction in Parliament, the bill will undergo scrutiny by the Standing Committee on Finance.
During the Budget 2025-26 presentation, Finance Minister Nirmala Sitharaman confirmed that the New Income Tax Bill would be tabled in the ongoing parliamentary session.
The first mention of a thorough evaluation of the Income-tax Act, 1961 was made by Sitharaman during the July 2024 Budget.
What is the New Income Tax Bill 2025?
The legislation introduces a taxpayer charter, despite previous unsuccessful attempts to establish concrete departmental commitments. Additionally, it will provide the first legal definition of crypto assets whilst eliminating certain terms like "fringe benefit".
FM Sitharaman initially revealed plans for the New Income Tax Bill during her Union Budget 2025 address. Following its introduction in Parliament, the bill will undergo scrutiny by the Standing Committee on Finance.
During the Budget 2025-26 presentation, Finance Minister Nirmala Sitharaman confirmed that the New Income Tax Bill would be tabled in the ongoing parliamentary session.
The first mention of a thorough evaluation of the Income-tax Act, 1961 was made by Sitharaman during the July 2024 Budget.
What is the New Income Tax Bill 2025?
- The new tax legislation aims to streamline direct tax regulations whilst retaining existing tax obligations.
- The bill employs clear, succinct language, avoiding elaborate explanations and complex phrasing.
- An internal committee under CBDT oversees the review process, with the goal of developing a clearer and more accessible I-T Act.
- The project aims to reduce disputes and improve tax certainty. Twenty-two specialised sub-committees were established to analyse different components of the Income Tax Act.
- Stakeholders were asked to provide input in four key areas: simplifying language, reducing legal disputes, improving compliance processes, and removing obsolete provisions. The tax department received 6,500 public suggestions during the review.
- Finance Secretary Tuhin Kanta Pandey confirmed that the upcoming bill will be uncomplicated, avoiding extensive explanations and intricate provisions, whilst maintaining tax neutrality.
- The new legislation will incorporate changes to tax rates, brackets and TDS provisions as outlined in the 2025-26 Budget.
- The bill was drafted over six months, prioritising clear, accessible language to enhance taxpayer understanding.
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