Business Standard-Know how your property would be taxed under new Income Tax Bill 2025
The new Income Tax Bill is expected to be introduced in the Lok Sabha on February 13. The bill aims to simplify tax laws and modernise compliance structures.
According to the Bill shared with Members of Parliament, the Income Tax Bill, 2025 comprises 536 sections, higher than 298 sections of the current Income-Tax Act, 1961. The existing law has 14 schedules which will increase to 16 in the new legislation.
“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,” said Rohinton Sidhwa, partner, Deloitte India.
