9911796707
TMI BlogIncome-tax Bill, 2025, tabled in Parliament today towards achieving comprehensive simplification of the Income-tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Bill, 2025, tabled in Parliament today towards achieving comprehensive simplification of the Income-tax Act, 1961 X X X X Extracts X X X X X X X X Extracts X X X X ..... ples: * Textual and structural simplification for improved clarity and coherence. * No major tax policy changes to ensure continuity and certainty. * No modifications of tax rates, preserving predictability for taxpayers. A three-pronged approach was adopted: * Eliminating intricate language to enhance readability. * Removing redundant and repetitive provisions for better navigation. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... * Reorganizing sections logically to facilitate ease of reference. Consultative and Research-Based Approach The Government ensured widespread stakeholder engagement, consulting taxpayers, businesses, industry associations, and professional bodies. Out of 20,976 online suggestions received, relevant suggestions were examined and incorporated, where feasible. Consultations were held with industry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... experts and tax professionals and simplification models from Australia and the UK were studied for best practices. Outcomes of the Simplification Exercise Quantitative Impact The review has led to a substantial reduction in the Act's volume, making it more streamlined and navigable. Key reductions are summarized below: Item Existing Income-tax Act, 1961 Proposed in the Income-tax Bill, 2025 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Change (Reduction/Addition) Words 512,535 259,676 Reduction: 252,859 words Chapters 47 23 Reduction: 24 chapters Sections 819 536 Reduction: 283 sections Tables 18 57 Addition: 39 tables Formulae 6 46 Addition: 40 formulae Qualitative Improvements * Simplified language, making the law more accessible. * Consolidation of amendments, reducing fragmentation. * Removal of o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsolete and redundant provisions for greater clarity.
* Structural rationalization through tables and formulae for improved readability.
* Preservation of existing taxation principles, ensuring continuity while enhancing usability.
The Income-tax Bill, 2025 reflects the Government's commitment to enhancing ease of doing business by providing a tax framework that is simple and clear. X X X X Extracts X X X X X X X X Extracts X X X X ..... - Press release - PIB ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
