Finance Minister Nirmala Sitharaman is presenting the Union Budget 2025 in Parliament. She has made a significant announcement: “I propose to introduce the New Income Tax Bill next week.”
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The bill is expected to be based on the Direct Tax Code and aims to make tax filing simpler for taxpayers. It also intends to make the Income Tax Act easier to understand and follow.
The new income tax law will be a new law and not an amendment to the existing Act. Currently, the draft law is being vetted by the law ministry, as per reports.
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