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Income Tax Budget 2025 LIVE Updates: All eyes on tax rates as FM Sitharaman set to present her 8th consecutive budget

  • A new income tax bill will be introduced next week by Finance Minister Nirmala Sitharaman as part of the Union Budget 2025.
  • The new Direct Tax Code aims to simplify compliance and reduce the Income Tax Act of 1961 by 60%.
  • Changes may include a 5% tax on income from LIC policies and standardizing tax rates for dividends and high earners.
  • The proposed law seeks to eliminate confusion by scrapping the concepts of financial year and accounting year, promoting lower tax litigation.
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