While presenting the budget of Modi 3.0 on 2025 (Budget 2025), Finance Minister Nirmala Sitharaman said that the new tax bill will be introduced next week. Now a big update has come about this. The sources related to the case are being quoted as saying that the new income tax bill can be approved in the Modi cabinet meeting to be held on Friday tomorrow.
It will be presented in Lok Sabha on Monday!
Finance Minister Nirmala Sitharaman gave information about the new income tax bill while presenting the budget. Now, according to the news that has come out from quoting sources in the ministry, the cabinet meeting going to be held on Friday under the chairmanship of PA Narendra Modi (PM Narendra Modi) can get it approved and it can be presented in the Lok Sabha on Monday. Can be done
No new tax in new bill
It is worth noting that the government has already made it clear that there will be no provision to impose any new tax in the new Income Tax Bill. Rather, only tax structure will be made rational and easy in the new bill. According to the information, there will be a provision of many new reforms in the current Income Tax Act and there can be a provision to reduce punishment for many crimes.
The government’s objective is to bring transparency in the tax system for general taxpayers through this bill and make Income Tax Act, 1961 easy, clear and understandable.
Currently there are two types of income tax systems.
New tax regime 2025)
0–4 0%
4–8 5%
8–12 10%
12–16 15%
16–20 20%
20–24 25%
Above 24 30%
Old Tax Regime
– On income from 0 to 2.5 lakh rupees: 0%
– On income ranging from 2.5 lakh to 5 lakh rupees: 5%
– Income ranging from 05 lakh to 10 lakh rupees: 20%
– On income of more than 10 lakhs: 30%
It is worth noting that at present there is a provision of 30% income tax on income of more than 10 lakhs under Old Tax Regime, while in New Tax Regim, there is a 30% income tax on income of more than 24 lakhs. At the same time, no tax has to be given on income of up to 12 lakhs.