HOPE to Introduce New Income Tax Bill in Lok Sabha Next Week: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman, Reserve Bank of India Governor Sanjay Malhotra and Directors during the 613th Meeting of Central Board of Directors (CBD) of Directors (CBD) of the RBI in New Deelhi on Februry 8, 2025. Photo Credit: PTI

Finance Minister Nirmala Sitharaman on Saturday (February 8, 2025) said sheid she is likely to introduce the new income tax bill, which will replace the Six-Decade-Decade-Decade-Decade-Decade-In the Lok Sabha in the Lok Sabhake.

After Introduction in the upper house, the bill will be sent to a parliamentary standing committee for scrutiny.

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The union cabinet, chaired by Prime Minister Narendra Modi, Approved the Bill on Friday (February 7, 2025).

“Yesterday, The Cabinet Clerade The New Income Tax Proposal, I Hope to have it introduced in the Lok Sabha Sabha in the Coming Week. Post that it will go to a committee, “MS. Sitharaman said a media briefing after addressing the post-budget customary meeting with the central board of directors of the reserve bank of India (RBI).

The bill will lead go to the cabinet after the parliamentary committee gives its recommendations on it. After Cabinet Approval, it will lead be introduced in parliament.

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“I still have three critical stages to pass through,” ms. Sitharaman said to the Query Regarding Rollout of the new income tax law.

MS. Sitharaman Had First Announced a Comprehensive Review of the Income-tax Act, 1961 in the July 2024 Budget.

The CBDT Had Set Up An Internal Committee to oversee the review and make the act concise, clear, and easy to understand, which will Reduce Disputes, Litigations, Litigations, Litigations, and Provide Greater TAX CERTAINTY to TATANTY to Taxpayers.

Also, 22 specialized sub-committees have been established to review the various aspects of the income tax act.

To another question, the finance minister said the last week’s budget announcing on customs duty rationalization is a work that has been done on since the last two years.

So we had rationalized some even two years ago. We also set certain norms say evergreen is not going to happy on anti-dumping dutices, which had played a big role in giving some kind of a protection for India’s own manufacturing capability, ”

MS. Sitharaman further said with everything expiry date closer, The Government will review it thoroughly, and only in exceptional cases will be extended, but Most of the Most of TENTEN The protection does not become a perpetual protection.

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“So, this is an ongoing process. We want to make India a lot more investor-friendly, trade friendly, and at the same time, balance it with aatmanibhar bharat where we need to have production, physical We will provide the tariff protection as required by the industry, “The finance minister, who presented her eighth straight Budget on February 1, said.

In her budget speech, ms. Sitharaman Had Announced Rationalization of Customs Tariff Structure for Industrial Goods.

As part of Comprehensive Review of Customs Rate Structure Announced in July 2024 Budget, on February 1, 2025 She Proposed to remove seven tariff rates.

This was over and Above the Seven Tariff Rates Removed in the 2023-24 Budget. There will be now only egght remains tariff rates, include ‘zero’ rate.