Today, a new IT bill is presented before the Parliament.

The central government is set to present the new Income Tax Bill 2025 in Parliament today. This bill is designed to amend the currently existing Income Tax Act to make it more suitable for modern needs. The goal of this bill is to simplify the tax system and modify the language to make it easier for the public to understand. For more details, you can visit Vaartha.

The existing system of Financial Year and Assessment Year will be replaced with the new concept of 'Tax Year', which will begin on April 1st and continue annually. The central government believes that this change will make tax calculations more efficient.

The new bill will come into effect from April 1, 2025, and will consist of a total of 526 sections. It includes provisions to simplify some of the complex rules in the tax law and introduces methods to ease the tax payment process. More taxpayer-friendly practices will be implemented.

The bill also includes key changes regarding tax deductions. Moving away from the old practices, the government is taking steps to make the income tax system more people-friendly with the new approach.

Once the bill is discussed and approved in Parliament, new changes will be implemented nationwide in the tax payment system. The government's intention is to digitalize the tax system while also making tax payments easier for the public to complete within specific timelines. It remains to be seen how the public and businesses will accept these new changes. For continuous updates, visit Vaartha.