Finance minister Nirmala Sitharaman introduced the Income Tax Bill, 2025 in the Lok Sabha in February this year. Income tax bill, 2025 is an important part of a major effort to improve India’s tax system. The aim of the new income tax bill is to improve the existing tax system as well as make it easier, well -organized and transparent. However, in the past, such reports have been heard in the past, claiming that the income tax bill, 2025, has proposed a change in tax rate on LTCG for some category taxpayers. Now the Income Tax Department itself has clarified this news.
Income tax act, 2025 will become an economy tax bill, 2025 after passing, 2025
The Income Tax Department on Tuesday cleaned some very important things about the Income Tax Bill, 2025 on its official X account. The Income Tax Department stated that the new Income Tax Bill, 2025 has taken into account the facility of taxpayers, making the language to make and remove the provisions that are not needed. Let us tell you that the system is working in India under the rules and laws of the Income Tax Act, 1961. After passing the new Economical Tax Bill, 2025, it will be made the Income Tax Act, 2025 and will replace the Income Tax Act, 1961.
What has the Income Tax Department wrote in its post
The Income Tax Department today wrote on X, “News articles are circulating on different media platforms that the new income tax bill, 2025 proposes a change in tax rate on LTCG (Long Term Capital Gains) for some category taxpayers. It is clarified that the Income Tax Bill, 2025 aims to make the language easier and remove unnecessary/obsolete provisions. It does not try to change any rate of income tax. In this regard, the bill of any ambiguity in this regard will be duly resolved.
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