Finance Minister Nirmala Sitharaman will set the income tax 2025 in the Lok Sabha on 13 February on 13 February.
According to the agenda spread by the Lok Sabha Secretariat, the Minister of Finance Nirmala Sitharaman will introduce income tax 2025 the income tax.
The new account aims to replace the Income Tax Act of 1961, which has become too voluminous because of the changes in the past 60 years. The new law is expected to come into force on 1 April 2026.
The long -awaited account will replace terminologies such as assessment and the previous year with the easier 'tax year' as part of a step to simplify the language and at the same time remove the provision.
Complicated Bill says, Congress Member of Parliament
Congress leader Manish Tewari had called the bill 'complicated'. “The Minister of Finance of the Union had said that the new income tax assessment will be easier than the previous account. But the bill, which should have been easier than the previous one, is actually more complicated, “Tewari said.
The bill is submitted 12 days after Minister of Finance Nirmala Sitharaman, Budget 2025, had presented the budget session of parliament on January 31 and will take place in two legs. The first stage is planned to end today. The second part of the session starts on March 10 and ends on April 4.
In addition to the financial activities, the government of Modi had mentioned 16 accounts for the budget session. These include the WAQF invoice (change) bill, the Banking Laws (Amendment) Bill, The Railways (Amendment) Bill, The Disaster Management (Amendment) Bill, The Oil Fields (Regulation and Development), the protection of interests in aircraft objects Bill, and the bill of immigration and foreigners.
The bill, which should have been easier than the previous one, is actually more complicated.
The Bills of Load Bill, 2024, for consideration and passing is also mentioned for today. Union Minister Sarbananda Sonowal will move the bill.
In other companies that are mentioned for the day, a number of private accounts can be moved by members in the second half of the last day of this part of the budget session. This includes the Mental Healthcare (Amendment) Bill, 2024 (change of section 2 etc.) by Rajiv Pratap Rudy and the Modern Slavery (Prevention) Bill, 2024 by K Sudhakaran
