New Revenue Tax Invoice to be taken up for dialogue in monsoon session, Nirmala Sitharaman says

Replying to the discussions on the Finance Invoice 2025 within the Lok Sabha, Sitharaman mentioned the brand new revenue tax invoice, which was launched within the Home on February 13, is presently being vetted by the Choose Committee.

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The Choose Committee has been mandated to submit its report by the primary day of the following session of Parliament.

“…we are going to take it (new revenue tax invoice) up within the monsoon session,” Sitharaman mentioned.

The monsoon session of Parliament is often convene in July and runs via August.

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The simplified Revenue Tax Invoice, which is half the dimensions of the 1961 Revenue Tax Act, seeks to realize tax certainty by minimising the scope of litigation and contemporary interpretation, the Revenue Tax division had earlier mentioned.

The brand new invoice has a phrase rely of two.6 lakh, decrease than 5.12 lakh within the I-T Act. The variety of sections is 536 in opposition to 819 efficient sections within the present legislation.

The variety of chapters has additionally been halved to 23 from 47.

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The Revenue Tax Invoice 2025 has 57 tables in comparison with 18 within the present Act and eliminated 1,200 provisos and 900 explanations.