With state governments handing out freebies to the poor leading to despondency in the middle-class, it was assumed that Finance Minister Nirmala Sitharaman would have no option but to make a big move to change the mood of the middle-class.

The new Income Tax Bill introduced on February 6, aimi to replace the outdated 1961 law with a simplified system tailored for the digital era.

Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.

New Delhi, Feb 3 (PTI) Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week.

itharaman emphasized that the new code would not only simplify the complex provisions of the current tax laws but also enhance taxpayer convenience

Ultimately, India should get a fair share of tax revenue (from overseas digital firms accessing Indian market), which we are not getting at the moment.

Finance Minister Nirmala Sitharaman, in her Union Budget 2025 speech, unveiled a transformative tax reform—India will introduce a new Income Tax Bill to replace the existing Income Tax Act of 1961. This move aims to make tax laws simpler,

The new income tax bill - a direct tax code meant to simplify compliance for individual taxpayers - will be introduced next week, said Sitharaman as she presented the Union Budget 2025

The Budget 2025 is set to introduce significant changes to the income tax slabs, particularly benefiting the middle class. Currently, the new tax regime features slabs where income up to ₹3 lakh is tax-free,