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Income Tax Bill in Parliament Budget Session LIVE updates: Both the Houses will resume the Parliament Budget Session at 11:00 AM today. The new Income Tax bill which was cleared by the Union Cabinet on Friday last week, is expected to be tabled in the Lok Sabha today. The bill has been presented as an effort by the government to better the tax system, making it simpler and clearer. Even if the Bill is not presented today itself, one can expect another stormy session as at least the debate is expected to be around it.
The Union Budget 2025 had revealed that the Ministry of Finance will present the new Income Tax Bill to the Union Cabinet this week. In the annual press conference following the Budget, Union Finance Minister Nirmala Sitharaman had expressed hopes for the bill to pass smoothly. The government has also announced that the new bill will be 50% shorter and clearer than the previous version.
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What is the new Income Tax Bill?
The new Income Tax Bill, is said to replace the 1961 Income Tax Act. The new bill aims to simplify tax laws and eliminate the confusion around it. The government plans to cut the new bill’s length by half and use simpler language, making it clearer for taxpayers to know their tax duties. This should lead to fewer legal disputes and reduce contested tax demands. It will remove unnecessary sections and focus on clearer language that people can understand without needing expert tax help.
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Live UpdatesNew Income Tax Bill 2025 Live Updates – Nirmala Sitharaman to Table New Tax Bill in Lok Sabha Today Live Updates Here: 10:35 (IST) 10 Feb 2025 New Income Tax Bill LIVE: When will both Houses resume today?
The Parliament Budget Session 2025 will resume in both the Houses today at 11:00 am.
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