New Income Tax Bill set to roll out soon
Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill in February 2025, aiming to finally update India's old tax rules from 1961.
After more than 60,000 hours of drafting, this bill promises to make taxes simpler and less confusing for everyone.
It was presented in Lok Sabha back in February and is now getting its final tweaks before rolling out.
Bill has over 4,000 pages
This bill is huge—over 4,000 pages—and has already gone through a detailed review by a parliamentary committee, which gave 566 suggestions for improvement.
The Finance Minister praised the team behind it for making things clearer and easier to understand.
She also stressed that tax officers need to resolve complaints faster and handle issues more efficiently, hoping this overhaul will make dealing with taxes way less stressful going forward.