US EditionIncome Tax Bill 2025 Passed in Lok Sabha: What Are the Changes?
INDIA, AUG 10 – The revised bill integrates 285 select committee recommendations to simplify tax rules and reduce legal complexity, benefiting working and middle-class taxpayers, officials said.
- On Monday, the Lok Sabha passed the modified Income Tax Bill, 2025, introduced by Finance Minister Nirmala Sitharaman to replace the 1961 Act.
- The government withdrew the earlier draft last week to avoid confusion and incorporated almost all Select Committee recommendations led by Baijayant Panda.
- The new bill simplifies the tax code by nearly 50%, aiming to ease compliance mainly for individual taxpayers, small businesses, and MSMEs lacking legal expertise.
- Key changes include raising the income threshold for the tax rebate under section 87A from ₹7 lakh to ₹12 lakh and increasing the maximum rebate from ₹25,000 to ₹60,000.
- The bill now awaits Rajya Sabha approval and the President's assent, with expectations to modernize tax procedures and reduce litigation for taxpayers.
Insights by Ground AI
Does this summary seem wrong?
22 Articles
22 Articles
FM Sitharaman to introduce New Income Tax Bill in Lok Sabha today. Here's what to expect
The Finance Minister withdrew the earlier version of the Income Tax Bill, 2025, from the Lok Sabha last week. The Bill, which replaced the Income Tax Act, 1961, was introduced in the Lower House of the Parliament on 13 February earlier this year.
·India
Read Full Article
Parliament Monsoon Session Live: Nirmala Sitharaman presents revised income tax bill in Lok Sabha
Parliament Monsoon Session Live: With just 10 days remaining in the Monsoon Session, both the Rajya Sabha and Lok Sabha are expected to have a packed agenda, including the introduction of the Income Tax Bill. The Houses are also likely to witness Opposition protests over the Bihar voters list and the 'vote chori' allegations, particularly after the Election Commission’s notice to Leader of the Opposition in the Lok Sabha, Rahul Gandhi. Stay tune…
·India
Read Full ArticleCoverage Details
Total News Sources22
Leaning Left1Leaning Right5Center2Last UpdatedBias Distribution63% Right
Bias Distribution
- 63% of the sources lean Right
63% Right
13%
C 25%
R 63%
Factuality
To view factuality data please Upgrade to Premium
