{"id":7465,"date":"2025-02-13T06:45:23","date_gmt":"2025-02-13T06:45:23","guid":{"rendered":"https:\/\/www.zee5.com\/global\/blog\/?p=7465"},"modified":"2025-02-13T06:45:23","modified_gmt":"2025-02-13T06:45:23","slug":"new-income-tax-bill-what-is-it-and-how-will-it-help-taxpayers","status":"publish","type":"post","link":"https:\/\/www.zee5.com\/global\/blog\/new-income-tax-bill-what-is-it-and-how-will-it-help-taxpayers\/","title":{"rendered":"New Income Tax Bill: What Is It and How Will It Help Taxpayers?"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"New_Income_Tax_Bill_What_Is_It_and_How_Will_It_Help_Taxpayers\"><\/span><b>New Income Tax Bill: What Is It and How Will It Help Taxpayers?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Finance Minister Nirmala Sitharaman said she is likely to introduce the new income tax bill, which will replace the six-decade-old Income Tax (IT) Act, in the Lok Sabha very soon.\u00a0 Chaired by Prime Minister Narendra Modi, the Union Cabinet approved the bill on February 7, 2025. Now, let\u2019s understand what is this New Income Tax Bill and how will it affect the taxpayers.<\/span><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-black ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents:<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #282fff;color:#282fff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #282fff;color:#282fff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.zee5.com\/global\/blog\/new-income-tax-bill-what-is-it-and-how-will-it-help-taxpayers\/#New_Income_Tax_Bill_What_Is_It_and_How_Will_It_Help_Taxpayers\" title=\"New Income Tax Bill: What Is It and How Will It Help Taxpayers?\">New Income Tax Bill: What Is It and How Will It Help Taxpayers?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.zee5.com\/global\/blog\/new-income-tax-bill-what-is-it-and-how-will-it-help-taxpayers\/#What_is_the_New_Income_Tax_Bill\" title=\"What is the New Income Tax Bill?\">What is the New Income Tax Bill?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.zee5.com\/global\/blog\/new-income-tax-bill-what-is-it-and-how-will-it-help-taxpayers\/#Tax_Reforms_Announced_in_Union_Budget_2025-26\" title=\"Tax Reforms Announced in Union Budget 2025-26\">Tax Reforms Announced in Union Budget 2025-26<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.zee5.com\/global\/blog\/new-income-tax-bill-what-is-it-and-how-will-it-help-taxpayers\/#How_Taxpayers_Will_Benefit_From_New_Income_Tax_Bill\" title=\"How Taxpayers Will Benefit From New Income Tax Bill\">How Taxpayers Will Benefit From New Income Tax Bill<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.zee5.com\/global\/blog\/new-income-tax-bill-what-is-it-and-how-will-it-help-taxpayers\/#Whats_Next_On_New_Income_Tax_Bill\" title=\"What\u2019s Next On New Income Tax Bill\">What\u2019s Next On New Income Tax Bill<\/a><\/li><\/ul><\/nav><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_New_Income_Tax_Bill\"><\/span><b>What is the New Income Tax Bill?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The new Income Tax Bill will replace the old tax law that has been in existence since 1961. Its goal is to make tax rules simpler and easier to understand. The government wants to cut the bill\u2019s length in half and use simple language so taxpayers can clearly know their responsibilities. The primary objectives are to simplify tax laws, reduce compliance burdens, and make the tax system more transparent and taxpayer-friendly.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tax_Reforms_Announced_in_Union_Budget_2025-26\"><\/span><b>Tax Reforms Announced in Union Budget 2025-26<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Before moving to how it will impact taxpayers, here\u2019s what was announced at the Union Budget 2025-26. A slew of direct tax reforms were proposed to achieve good governance for the people and economy. The objectives of the direct tax proposals are as follows:<\/span><\/p>\n<p><b>Personal income tax reforms with a special focus on the middle class:<\/b><span style=\"font-weight: 400;\"> No income tax payable up to total income of \u20b912 lakh (i.e. average income of \u20b91 lakh per month other than special income such as capital gains) under the new regime. This limit will be \u20b912.75 lakh for salaried taxpayers, due to a standard deduction of \u20b975,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Budget proposed a revised tax rate structure under the new tax regime as follows:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"color: #ffffff;\"><b>Total Income per annum<\/b><\/span><\/td>\n<td><span style=\"color: #ffffff;\"><b>Rate of Tax<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400; color: #ffffff;\">\u20b90 \u2013 4 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400; color: #ffffff;\">NIL<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400; color: #ffffff;\"> \u20b94 \u2013 8 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400; color: #ffffff;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400; color: #ffffff;\">\u20b98 \u2013 12 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400; color: #ffffff;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400; color: #ffffff;\">\u20b912 \u2013 16 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400; color: #ffffff;\">15%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400; color: #ffffff;\">\u20b916 \u2013 20 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400; color: #ffffff;\">20%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400; color: #ffffff;\">\u20b920 \u2013 24 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400; color: #ffffff;\">25%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400; color: #ffffff;\">Above \u20b924 Lakh<\/span><\/td>\n<td><span style=\"font-weight: 400; color: #ffffff;\">30%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b>Rationalization of TDS\/TCS for easing difficulties:<\/b><span style=\"font-weight: 400;\"> The limit for tax deduction on interest for senior citizens is proposed to be doubled from the present \u20b950,000 to \u20b91 lakh. Similarly, the proposals include an annual limit of \u20b92.40 lakh for TDS on rent to be increased to \u20b96 lakh. This will reduce the number of transactions liable to TDS, thus benefitting small taxpayers receiving small payments. The provisions of the higher TDS deduction will now apply only in non-PAN cases. Further, the threshold to collect tax at source (TCS) on remittances under RBI\u2019s Liberalized Remittance Scheme (LRS) is proposed to be increased from \u20b97 lakh to \u20b910 lakh. Also, the delay for payment of TCS up to the due date of filing the statement is proposed to be decriminalized.\u00a0<\/span><\/p>\n<p><b>Encouraging voluntary compliance:<\/b><span style=\"font-weight: 400;\"> Proposal to extend the time limit to file updated income tax returns for any assessment year, from the current limit of two years, to four years.\u00a0<\/span><\/p>\n<p><b>Reducing compliance burden: <\/b><span style=\"font-weight: 400;\">Proposal to reduce the compliance burden for small charitable trusts\/institutions by increasing their period of registration from 5 years to 10 years. Further, a proposal to allow the benefit of claiming the annual value of two self-occupied properties as Nil, without any condition. The Budget also proposed that no tax will be collected at source on the sale of specified goods of value of more than fifty lakhs.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Taxpayers_Will_Benefit_From_New_Income_Tax_Bill\"><\/span><b>How Taxpayers Will Benefit From New Income Tax Bill<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The introduction of the new Income Tax Bill is expected to bring several benefits that could make tax filing easier and more transparent for you. Here\u2019s how it impacts you as a taxpayer:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Simplification of Tax Laws: <\/b><span style=\"font-weight: 400;\">The new bill seeks to streamline the complex tax structure by reducing the number of sections by 50%. This simplification is expected to reduce ambiguities for the taxpayer.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Simple Language:<\/b><span style=\"font-weight: 400;\"> The bill proposes the use of simple language. This aims to make the tax laws easier to understand for laymen eliminating complex tax jargon.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Revenue Neutral:<\/b><span style=\"font-weight: 400;\"> According to Union Finance Secretary Tuhin Kanta Pandey, the new bill is designed to be revenue-neutral, meaning it will not introduce new taxes or alter existing tax rates and slabs. The focus is on simplifying the tax code without impacting the government&#8217;s revenue collection.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reduced Compliance Burden:<\/b><span style=\"font-weight: 400;\"> Simplifying the tax code is expected to make it easier for taxpayers to understand their obligations, thereby reducing the time and effort required for tax compliance. This could lead to fewer errors in tax filings and a decrease in litigation cases.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Whats_Next_On_New_Income_Tax_Bill\"><\/span><b>What\u2019s Next On New Income Tax Bill<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">After its introduction in the Lok Sabha, the New Income Tax Bill will be referred to the Parliament&#8217;s Standing Committee on Finance for scrutiny. The committee will review the bill, suggest recommendations, and send it back to the government through the cabinet. Following this, the cabinet will decide on incorporating the suggested amendments before presenting it again to Parliament for final approval. Once passed, the new Income Tax Bill will come into effect from the financial year 2025-26.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Income Tax Bill: What Is It and How Will It Help Taxpayers? Finance Minister Nirmala Sitharaman said she is likely to introduce the new income tax bill, which will replace the six-decade-old Income Tax (IT) Act, in the Lok Sabha very soon.\u00a0 Chaired by Prime Minister Narendra Modi, the Union Cabinet approved the bill [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ub_ctt_via":"","footnotes":""},"categories":[1],"tags":[1311,1310],"class_list":["post-7465","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-income-tax-bill","tag-new-income-tax-bill"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"Shrudi Shyam","author_link":"https:\/\/www.zee5.com\/global\/blog\/author\/zee5blog\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Income Tax Bill: What Is It and How Will It Help Taxpayers?<\/title>\n<meta name=\"description\" content=\"The Union Cabinet approved the bill on February 7, 2025. 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