Will anything change with the arrival of the new bill? Union Cabinet approves new Income Tax Bill
Income Tax Bill 2025: A big news has come out regarding the Income Tax Bill 2025. According to sources, the Union Cabinet under the chairmanship of Prime Minister Narendra Modi has approved the new Income Tax Bill 2025. Finance Minister Nirmala Sitharaman will introduce the bill in the Lok Sabha on Monday. The bill can also be sent to the Standing Committee of the Lok Sabha. Let me tell you that recently Finance Minister Nirmala Sitharaman had announced while presenting the general budget that the central government can bring a new income tax bill.
What will change with the coming 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 income tax rules will change. It is being said that many old words will either be removed or replaced after the new bill becomes law. For example, after the new bill comes into practice, the tax year may be used instead of the assessment year. It is a matter of changing other similar words as well.
It will be easy for the common man to understand the rules
According to sources, once the new bill becomes law, many of these British-era words will also cease to be used. These terms have been used for the past 60 years. Also, the language of use in income tax rules will also be simplified so that any common person can understand it easily.
Let me tell you that a few days ago, Nirmala Sitharaman had made a big announcement while presenting the general budget and said that now people who have income below Rs 12 lakhs will not need to pay any tax. Finance Minister Nirmala Sitharaman surprised everyone by giving tax exemption to people earning up to Rs 12 lakh.
Saw the lifestyle of the one who earns 1 lakh rupees
Finance Minister Nirmala Sitharaman had said that there is a lot of discussion in the middle group as to what they finally got. Our focus is always on people from all sectors. This time we saw that how is the lifestyle of those who earn at least one lakh rupees? How do these people live… What kind of lifestyle do you maintain? After seeing all this, we decided that those who earn Rs 1 lakh every month should be discounted.
Referring to India’s economy, Finance Minister Nirmala Sitharaman had said that today the basic principles of India are fine and PM Modi is already guiding us for this. He kept on advising us to radicalise strength. They also included an aspect that we have to do something for the middle class who are our taxpayers, but the question was what to do. He asked us to work on it.
