Union Finance Minister Nirmala Sitharaman on Monday presented the revised Income Tax Bill 2025 in the Lok Sabha, incorporating 285 recommendations from the Parliamentary Select Committee chaired by BJP leader Baijayant Panda. The move comes after the earlier draft was withdrawn last week to avoid confusion and address drafting issues.
Sitharaman stated that the updated version corrects drafting errors, aligns legal phrases, and incorporates cross-references to ensure legislative clarity. She emphasised that the new bill would enhance fairness, simplify processes, and bring India&rsquo;s tax laws in line with modern needs.
The revised bill seeks to replace the complex Income Tax Act of 1961, which has undergone over 4,000 amendments and ballooned to more than 5 lakh words. According to Panda, the new law is nearly 50% shorter, making it easier for taxpayers and MSMEs to understand while reducing legal disputes.
The revised slabs and rates aim to cut taxes for the middle class, leaving more disposable income to boost household consumption, savings, and investment.
Once passed, the bill is expected to simplify India&rsquo;s decades-old tax structure, making it more transparent and efficient for all taxpayers.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
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Revised Income Tax Bill aims to boost fairness, simplify rules, and cut middle-class taxes

FM Tables Revised Income Tax Bill 2025 in LS

Revised Income Tax Bill aims to boost fairness, simplify rules, and cut middle-class taxes

August 11, 2025 | 20:29 IST