Lok Sabha passes Income Tax (No 2) Bill: All you need to know about new ‘SIMPLE' law
The Income Tax (No.2) Bill 2025 will replace the Income Tax Act, 1961. Earlier in February, Finance Ministry said that the new bill reflects the government's commitment to enhance ease of doing business by providing a tax framework that is simple and clear.
It further added that the new bill aims to simplify the tax system for all and is built on these core 'SIMPLE' principles:
The new Income Tax bill has been designed so that one can easily understand tax laws. The provisions will be rewritten in plain, easy-to-understand language.
The Income-Tax Bill, 2025 has been introduced in the Lok Sabha today.
The Bill aims to simplify the tax system for all and is built on these core 'SIMPLE' principles:⬇️ pic.twitter.com/bX4Zc1ImdR
— Income Tax India (@IncomeTaxIndia) February 13, 2025
There should be no more confusion. The new bill will be a single, well-structured act that consolidates all related provisions. The volume is reduced without losing the spirit.
The new Income Tax bill will provide more clarity with fewer tax disputes. The FAQs, guidance notes and explanations will further prevent multiple interpretations.
The new law will make taxation easier to understand. It will eliminate redundant provisions and simplifies cross-references. It uses tables and structured formats for better clarity.
The new Income Tax bill is a balanced and provide future-ready reforms. It will adopt global best practices from various tax jurisdictions. It will keep the country's core tax principles intact.
The new law will ensure reforms that don't disturb settled tax policies. It focuses on improving efficiency.
The Income Tax (No 2) Bill streamlines TDS, exemptions and other compliance-heavy provisions. It also allows individuals to claim refunds without penalty on delayed filings. It provides for 'nil' TCS on Liberalised Remittance Scheme (LRS) remittances for education purposes financed by any financial institutions, reports PTI.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
11 minutes ago
- The Hindu
Farmers to lay siege to Vidhana Soudha in Bengaluru on August 20
Members of Karnataka Rajya Raitha Sangha and Karnataka State Sugarcane Growers' Association will lay siege to the Vidhana Soudha on August 20, seeking the implementation of their long-pending demands. At a press conference here on Saturday, H. Bhagyaraj, president of the sugarcane growers' association, said that farmers will also hold a 'satyagraha' at Freedom Park in Bengaluru. Though the country celebrated Independence Day on August 15,there was little for farmers to celebrate as the government had failed to ensure scientific pricing for agricultural produce, he said. Mr. Bhagyaraj said that the Fair and Remunerative Price (FRP) for 2025-26 should be fixed at ₹4,500 per ton, and harvesting and transportation costs must be borne by the sugar factories. The farmers also expressed concern that the weighing scales are not scientifically calibrated, as a result of which they suffer losses. This should be avoided by installing the weighing scales in front of the factories so that the farmers can monitor the process as well, they said. Mr. Bhagyaraj pointed out that the factories owed dues to the tune of ₹950 crores to sugarcane farmers, and added that this should be cleared immediately. Drawing attention to the shortage of fertilizers, the association said that the issue has been politicised by both the State and the Centre, and that it was the responsibility of the governments to ensure the availability of fertilizers and its smooth distribution. The authorities were urged to crack down on traders creating artificial scarcity by hoarding fertilizer stocks or selling them at a price higher than the rates fixed by the government. Mr. Bhagyaraj urged the government to implement the Mekedatu project without further delay, and blamed the Centre and the State for failing to expedite the works. The farmers stated that banks tend to insist on CIBIL scores before releasing agricultural loans, and hence urged the government to change the policy and delink CIBIL scores from farm loans. Any delay in repayment of loan due to crop failure or vagaries of nature has a negative bearing on the CIBIL score and affects the farmers, the association said. Drawing attention to the low penetration of crop insurance among farmers, the association said that the policy and insurance schemes should be tweaked to make a particular land of the farmer concerned as the unit area of insurance. When the unit area for crop insurance is too large, individual farmers suffer because damage to their crops may be overlooked and their claims rejected, if conditions in other parts of the area are considered normal, it added. Other demands included immediate release of ₹1,000 crore by way of incentives which is pending for dairy farmers, establishment of crop and milk procurement centres at the gram panchayat level, rescinding the Land Reforms Act and APMC (Amendment) Act, implementation of the recommendations of M.S. Swaminathan Committee, a law ensuring statutory guarantee of Minimum Support Price for farmers' produce, etc.
Time of India
40 minutes ago
- Time of India
All private schools now under new fee regulation law, says Delhi education minister
Advt Advt New Delhi, The Delhi government has brought all 1,700 private schools in the city under a new fee regulation law, with provisions for parental participation and veto power on fee hikes, Education Minister Ashish Sood said on at a "Parents' Town Hall" in Janakpuri, Sood said the Delhi School Education (Transparency in Fixation and Regulation of Fees) Bill, 2025, passed in the Monsoon Session of the Assembly, seeks to end arbitrary fee increases and ensure transparency in the fee fixation 200 parents attended the interaction, where the minister explained key provisions of the law, including penalties for that raise fees without government approval will face fines ranging from Rs 1 lakh to Rs 10 lakh, with double penalties if excess charges are not refunded, he said, according to an official Act also grants the Director of Education powers similar to those of a sub-divisional magistrate to ensure uniform action against violations, it comprising parents, teachers, school management and government representatives will be involved in setting school fees, it said the new law closes a loophole in the 1973 rules, under which only 300 schools were covered for the fee regulation. "Now, all private schools in Delhi will come under the ambit of fee regulation," he minister criticised previous governments for failing to establish a transparent system for private school fee control."Those who claimed to have brought an education revolution did not make real improvements in government schools," he said, adding that many parents opted for private schools because of the poor state of public education per the Act, decisions on fee proposals must be made by school-level committees by July 15, district-level committees by July 30, and finalised by September. If no decision is reached within 45 days, the matter will be referred to an appellate said the law was drafted after consultations with parents and education experts to curb the commercialisation of education and safeguard the interests of students. PTI>
India.com
an hour ago
- India.com
Who will replace Dhankar as India's next Vice President? Full list of BJP's probable candidates
New Delhi: Jagdeep Dhankhar resigned from the post of Vice President of India on 21 July 2025, citing health concerns. His term was to end in August 2027. Now, the election for the next Vice-President of the country will be held on 9 September. Nominations for the office of vice president can be filed till 21 August. This will be the 17th Vice Presidential election. Who are BJP's probable nominees for 17th Vice Presidential election? On its part, the ruling Bharatiya Janata Party (BJP) is working round the clock to finalise its nominee and has started discussions on the potential names that include Delhi Lieutenant Governor VK Saxena and Bihar Governor Arif Mohammad Khan. Gujarat Governor Acharya Devvrat, Karnataka Governor Thawarchand Gehlot, Sikkim Governor Om Mathur, and Jammu and Kashmir Lieutenant Governor Manoj Sinha are also among the probable candidates for the election. What about RSS? Seshadri Chari of the Rashtriya Swayamsevak Sangh (RSS) is also said to be one of the names under consideration. Current Rajya Sabha Deputy Chairman Harivansh is also being considered as a nominee. According to the sources, several governors and lieutenant governors met Prime Minister Narendra Modi, Union Home Minister Amit Shah and Defence Minister Rajnath Singh in the last month. The BJP-led National Democratic Alliance (NDA) has authorised Prime Minister Narendra Modi and BJP president JP Nadda to pick the NDA's candidate. Who can contest the vice president election? A person cannot be elected as the vice president unless he is a citizen of India, has completed 35 years of age and qualified for election as a member of the Rajya Sabha. A person is also not eligible if he holds any office of profit under the government of India or a state government or any subordinate local authority. Important dates related to VP elections Last date for making nominations: 21 August 2025 Date for the scrutiny of nominations: 22 August 2025 Last date for the withdrawal of candidatures: 25 August 2025 Date on which a poll shall, if necessary, be taken: 9 September 2025 Hours of poll: 10.00 AM to 05.00 PM Date on which counting, if required, shall be taken: 9 September 2025
