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Sitharaman to table new Income tax Bill in Parliament LIVE: According to the agenda that the Lok Sabha secretariat circulated on Wednesday, Finance Minister Nirmala Sitharaman will finally table the new Income Tax Bill in the Parliament today. The first draft of the 622-page Bill drew significant attention on Wednesday when it highlighted a new concept of ‘tax year’ which is to come into effect from April 1, 2026. Although no major structural changes have been included in the new Income Tax Bill yet, but the language has been made simpler and many extra provisions have also been removed, as was promised by the FM earlier. The new Bill includes 23 chapters, 536 sections, and 16 schedules. Despite an increase in the number of sections, the Bill is still shorter because of removal of extra provisions and simplified language.
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Key Pointers from the new Income Tax Bill
- The old tax regime will continue in the new legislation, but the new tax regime will remain selected as a default regime for taxpayers.
- The new Bill has gotten rid of the term ‘assessment year’, and replaced it with ‘tax year’ instead.
- The 44AD limit for business has been increased from 2 crore to 3 crore. For professionals, the limit has been increased from Rs 50 lakh to Rs 75 lakh.
Once the Bill is passed in the Parliament, it will be sent to a Parliamentary Standing Committee on Finance for reviewing.
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A streamlined and simplified bill with 536 sections and 23 chapters, spanning 622 pages,
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