By Admin 
Income tax bill 2025: Amid the demonstration of MPs of India coalition for amending the voter list before the Bihar assembly elections, the new income tax bill brought in place of the six decade -old income tax law was passed in the Lok Sabha on Monday. It was introduced by Nirmala Sitharaman instead of the Old Income Tax Act, 1961.
The government had formally withdrawn the income tax bill introduced in February last week, as some more changes were felt in it. Most of the suggestions of Baijayant Panda -led Pravar Committee have been included in this new income tax bill.
Will something change?
Many such changes have been made in the new bill, which can make the Income Tax Act easier. In Parliament, the Union Finance Minister said that the real purpose of bringing this bill was to avoid confusion and present the updated bill. This new bill has 536 sections, 23 chapters and 16 schedules, which have been easily understood through table-formul.
The new bill has more rights to CBDT (Central Direct Tax Board), so that the tax system can be made more transparent and digital. Also, the rules of TDS and deputy have been easier.
This bill provides for taxpayers to reduce fine. To reduce tax disputes, the policy of “first trust, then investigation” has been adopted. Apart from this, the rules related to refund have also been changed on late filing of income tax returns. Previously, despite the reasons of reasonable reasons, the taxpayers did not get refunds for filing late returns, but now this ban has been lifted.
More rights to CBDT
Taxpayers have been provided with the facility of taking “Nil TDS” certificates without any tax liability, which can improve cash flow. CBDT has been given more rights than before making rules to make the tax process fast and corruption free. Apart from this, an attempt has also been made to promote faceless assessment and automatic case allocation in the bill.
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