Thu Feb 13 12:25:15 UTC 2025: ## New Income Tax Bill Introduced in Lok Sabha Amidst Opposition
**New Delhi, February 13, 2025** – Union Finance Minister Nirmala Sitharaman introduced the much-anticipated Income Tax Bill, 2025, in the Lok Sabha today, facing immediate opposition from several parties. The bill, totaling 622 pages and 536 sections, aims to replace the six-decade-old Income Tax Act of 1961, streamlining the tax system and simplifying its language.
Despite opposition objections at the introduction stage, the Lok Sabha passed a motion by voice vote to allow the bill’s introduction. Minister Sitharaman requested that the bill be referred to a Lok Sabha Select Committee and urged the Speaker to determine the committee’s composition and rules. The Lower House adjourned until March 10th for the second half of the Budget session.
A key change in the new bill is the replacement of the terms “assessment year” and “previous year” with “tax year,” aiming for greater clarity and ease of understanding. The existing concept of assessing tax on income earned in the previous year will be eliminated. While the new bill boasts more sections (536) and schedules (16) than its predecessor, the government maintains these additions are necessary for simplification and modernization.
First Piper 