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Corporations that do not take advantage of certain deductions and exemptions have the right to pay a flat tax of 22 per cent.

Finance Ministry highlights key achievements ahead of Union Budget 2026-27

The Income Tax Bill, 2025, was passed by Parliament on August 12.&nbsp;

President Murmu gives nod to Income Tax Act 2025, replacing six-decade-old law

The new bill replaces the Income-tax Act, 1961, which has been subjected to numerous amendments since its passage more than sixty-four years ago.

Goodbye 1961 Act, Hello 2025 Bill: Lok Sabha clears digital-first Income Tax Bill—Key changes

Finance Minister Nirmala Sitharaman on Friday formally withdrew the February version of the Bill, first tabled during the Budget session, after the Baijayant Panda-led Select Committee of Parliament suggested 566 amendments in its 4,584-page report.&nbsp;

Major reliefs for taxpayers on cards? Centre to table revised Income Tax Bill in LS on August 11—Check key recommendations

The new measures will play a significant role in creating a fair and equitable system of direct taxation that ensures no additional burden of direct taxes on the working and middle-class population of the country.

Income Tax Bill 2025: Finance Minister withdraws Income Tax Bill in Lok Sabha; new version to be tabled on August 11

On Friday, the Union Cabinet may meet at around 1 pm to discuss and possibly clear the bill, they said.

New Income Tax Bill likely to be presented in Parliament on August 11; Cabinet meeting on August 8

Electoral bonds have been mentioned in the new Income Tax Bill's Schedule VIII which deals with 'Income not to be included in the total income of political parties and electoral trusts'.

Experts intrigued by inclusion of electoral bonds in new Income Tax Bill

Finance Minister Nirmala Sitharaman, while introducing the Bill in the Lok Sabha, had said that "substantial changes" have been made in the Bill. The number of words have been halved from 5.12 lakh, and sections reduced from 819 to 236. Following introduction, the Bill was referred to the select committee of the Lok Sabha and mandated to submit its report by March 10.

Income Tax Bill aims to achieve tax certainty, minimise fresh interpretation: I-T department

India with Budget 2025:&nbsp;The new income tax law, which will replace the six-decade-old Income Tax Act, is expected to be introduced in the Lok Sabha next week, according to Finance Minister Nirmala Sitharaman's statement on Saturday.

India with Budget 2025: New Income Tax Law cleared by Cabinet, says Finance Minister

The bill will again go to the Cabinet after the parliamentary committee gives its recommendations on it. After Cabinet approval, it will again be introduced in Parliament.

Hope to introduce new income tax bill in Lok Sabha next week: FM Nirmala Sitharaman

The current Income Tax Act was enforced in the country in 1961 and now, the new Income Tax Act is being made according to the needs of the 21st century to replace the existing law, according to sources close to the development.

New Income Tax Bill set to be tabled in Parliament next week

income-tax-bill

Corporations that do not take advantage of certain deductions and exemptions have the right to pay a flat tax of 22 per cent.

The Income Tax Bill, 2025, was passed by Parliament on August 12. 

The new bill replaces the Income-tax Act, 1961, which has been subjected to numerous amendments since its passage more than sixty-four years ago.

Finance Minister Nirmala Sitharaman on Friday formally withdrew the February version of the Bill, first tabled during the Budget session, after the Baijayant Panda-led Select Committee of Parliament suggested 566 amendments in its 4,584-page report. 

The new measures will play a significant role in creating a fair and equitable system of direct taxation that ensures no additional burden of direct taxes on the working and middle-class population of the country.

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Income Tax Bill

Finance Ministry highlights key achievements ahead of Union Budget 2026-27

President Murmu gives nod to Income Tax Act 2025, replacing six-decade-old law

Goodbye 1961 Act, Hello 2025 Bill: Lok Sabha clears digital-first Income Tax Bill—Key changes

Major reliefs for taxpayers on cards? Centre to table revised Income Tax Bill in LS on August 11—Check key recommendations

Income Tax Bill 2025: Finance Minister withdraws Income Tax Bill in Lok Sabha; new version to be tabled on August 11

New Income Tax Bill likely to be presented in Parliament on August 11; Cabinet meeting on August 8

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