JKB Financial Services Ltd.

As on : 12-Aug-2025

Economy - Reports
12-Aug-2025 11:11

Lok Sabha passes revised Income Tax Bill, 2025

The Lok Sabha on Monday passed the revised Income Tax Bill, 2025 without any debate. Union Finance Minister Nirmala Sitharaman had introduced the previous version of the Bill in the Lok Sabha in February, following which it was sent to a Select Committee for a review. The Select Committee submitted its recommendations on July 21. Following this, the government withdrew the Bill to incorporate the suggestions made by the committee. Sitharaman introduced the updated version ' the Income Tax (No. 2) Bill, 2025 ' in the Lower House yesterday. The Bill has around 2.59 lakh words compared with the 5.12 lakh words in the Income Tax Act, 1961. The number of chapters have been trimmed to 23 from 47 and the number of Sections has been cut to 536 from 819. The new Bill has also increased the number of tables to 57 from 18 and the number of formulae to 46 from six.

GET IN TOUCH