February 12, 2025 – Union Finance Minister Nirmala Sitharaman is expected to table the new Income Tax Bill in the Parliament tomorrow, February 13.

The draft of the Bill, which will then be forwarded to Parliament's Standing Committee on Finance, aims to streamline the wording of the tax legislation making it simpler. Neither the current tax slabs nor the granted tax rebates will be altered.

The Bill in its current format is, however, expected to undergo changes because the Income Tax portal is still inviting feedback and suggestions from the public. So far, 6,500 suggestions have been received from stakeholders on review of the Income Tax Act.

Feeback and suggestions were invited in four categories — simplification of language, litigation reduction, compliance reduction and removal of redundant/obsolete provisions. More than 100 officers were said to have contributed to drafting of the new Bill, offering their experience in tax administration.

With Media Inputs