Budget 2025
Budget 2025: New Income Tax bill next week, announces FM Sitharaman
New Delhi/IBNS: Union finance minister Nirmala Sitharaman on Friday announced that the new Income Tax bill will be introduced next week delivering the Modi government's first full budget since returning to power for the third term.
Sitharaman said the new bill will be a lot simpler for the taxpayers to understand.
"I am happy to inform, with the new income tax bill, we will carry forward the spirit of 'nyay'. The new bill will be clear and direct in text… it will be simple to understand for taxpayers, leading to reduced litigation," said the finance minister in parliament.
The 1961 Act, which is about imposing direct tax as well as security transactions, gifts and wealth, comprises 23 chapters and 298 sections.
The Direct Tax Code, which was given a glimpse by Sitharaman last year during the budget, is aimed at simplifying the tax system and reducing the page count.
Muting the critics and opposition parties, Sitharaman announced no tax will be payable till the income of Rs. 12 lakh per year under the new tax regime in a massive relief to the middle class.
New tax regime:
0-4 lakh - 0
4-8 lakh - 5 percent
8-12 lakh - 10 percent
12-16 lakh - 15 percent
16-20 lakh - 20 percent
20-24 lakh - 25 percent
Over 24 lakh - 30 percent
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