Union Finance Minister Nirmala Sitharaman tabled a bill in the Parliament on Thursday that is said to consolidate and amend the current law related to income tax and direct taxes in India.
The government listed the tax bill for introduction in the Lok Sabha on Thursday, as per the agenda circulated by the Lok Sabha secretariat on Wednesday.
The first mention of the bill occurred when Sitharaman was tabling the Union Budget 2025 on February 1.
The Narendra Modi-led government has, on several occasions, expressed their resolve to simplify certain acts. This could mean replacing terminologies such as "assessment" and "previous year" with more accessible terms such as "tax year" in the current bill—a move in line with simplifying governance language.
[This is a developing story and is being updated]
