New Delhi, February 1, 2025: While presenting the Union Budget 2025, Finance Minister Nirmala Sitharaman announced that a new Income Tax Bill will be introduced in Parliament next week. The proposed bill aims to bring comprehensive reforms to the existing tax structure, ensuring greater simplicity, transparency, and fairness in the tax system.
The Finance Minister highlighted that the bill is expected to modernize tax regulations, reduce compliance burdens, and foster a more business-friendly environment. It seeks to address ambiguities in the current law while incorporating global best practices. Taxpayers and financial experts are eagerly awaiting the bill, which could mark a significant milestone in India’s tax landscape.
