Union Finance Minister Nirmala Sitharaman has said that she will table the new income tax bill next week.
Sitharaman said that new income tax bill next week will take forward ’trust first, scrutinise later’ concept.
Sitharaman further highlighted the several reforms that the government has taken for the convenience of taxpayers.
The announcement comes amid expectations that Sitharaman could adjust income tax structure in the Budget 2025-26 along with relaxation in the filing process.
In the run-up to the Budget 2025-26, CNBC TV18 had reported that Sitharaman may introduce reforms to make tax compliance more straightforward, reducing administrative burdens and enhancing efficiency in the tax system.
Moreover, Moneycontrol reported that Sitharaman could make a new 25 per cent tax slab for those with incomes in the Rs 15-20 range.
Currently, everyone earning above Rs 15 lakh is taxed at 30 per cent. If the change is made, only those earning above Rs 20 lakh would be charged at 30 per cent.
Link to article –
Budget 2025: New rules of filing income tax returns to be outlined in I-T bill next week
