A big news has come out regarding the Income Tax Bill 2025. According to sources, the Union Cabinet headed by Prime Minister Narendra Modi has approved the new Income Tax Bill 2025. It is being told that Union Finance Minister Nirmala Sitharaman will now present this bill in the Lok Sabha on Monday. This bill can also be sent to the Standing Committee of the Lok Sabha. Let us tell you that recently, while presenting the general budget, Finance Minister Nirmala Sitharaman had announced that the central government could come up with a new income tax bill.
Will anything change with the introduction of the new bill
According to sources, after the implementation of the new Income Tax Bill (New Income Tax Bill 2025), the entire terminology related to the income tax rules will change. It is being said that after the new bill becomes a law, many old words will either be removed or changed. For example, after the new bill comes into force, tax year can be used in place of assessment year. There is talk of changing more similar words as well.
It will be easy for the common man to understand the rules
According to sources, as soon as the new bill becomes law, the use of many such words from the British era will also stop. These words have been in use for the last 60 years. Along with this, the language used in the income tax rules will also be simplified so that any common man can understand it easily.
Let us tell you that a few days ago, while presenting the general budget, Nirmala Sitharaman made a big announcement that now people with income up to Rs 12 lakh will not have to pay any tax. Finance Minister Nirmala Sitharaman surprised everyone by giving this tax exemption to people earning up to Rs 12 lakh. After the general budget, Nirmala Sitharaman had a special conversation with NDTV Editor-in-Chief Sanjay Pugalia. During this, she said that this decision has been taken after a lot of thought.
Saw the lifestyle of a person earning 1 lakh rupees
Finance Minister Nirmala Sitharaman had said that there is a lot of discussion in the middle class about what they got. Our focus is always on people from every sector. This time we saw what is the lifestyle of those who earn at least Rs 1 lakh? How do these people live… what kind of lifestyle do they maintain? After seeing all this, we came to the decision that those who earn Rs 1 lakh every month should be given exemption.
Referring to India’s economy, Finance Minister Nirmala Sitharaman had said that India’s fundamentals are good today and for this, PM Modi has been guiding us since long. He has been advising us to strengthen the fundamentals. He also included this aspect in it that we have to do something for the middle class who are our taxpayers, but the question was what to do. He had asked us to work on this.
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