No Changes suggested in Tax Rates Under Income Tax Bill 2025: IT Department
The Income Tax Department has clarified that the new Income Tax Bill 2025 will not change tax rates. It only aims to simplify the language and remove outdated provisions.
In order to clarify the basic agenda of proposed Income Tax Bill 2025, the Income Tax Department has dismissed any changes in the tax rates under the Income Tax Bill 2025.
The IT Department has issued a clarification regarding the proposed Income Tax Bill 2025, which clears that the bill is only meant to simplify language and remove redundant or outdated provisions, and does not propose any change in tax rates.
This sought of clarification has been come after several media reports claimed that the new bill would make some changes in the Long-Term Capital Gains (LTCG) tax rates for certain categories of taxpayers.
The IT Department has stated in a clarification that the new legislation is focused on making the context of law easier to understand and facilitate the existing provisions, without introducing any changes in the current tax structure.
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This New Income Tax Bill was introduced in the Lok Sabha during the Budget Session in February this year and further it was sent to a select committee of the Lok Sabha, which has recently submitted its report.
The bill once passed will replace the current Income Tax Act, 1961, with the main objective of making tax laws simpler, more modern, and technology-friendly.
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