00:00Finance Minister Nirmala Sitharaman has presented a new Income Tax Bill to the Parliament on Thursday.
00:07The new Income Tax Bill was approved by the Cabinet on February 7 last week.
00:12Today, after being presented to the Parliament, the new Income Tax Bill will be sent to the Constituent Assembly for further discussion.
00:19The Constituent Assembly will give its recommendations on this Bill, after which it will be sent to the Cabinet once again.
00:25After the recommendations of the Constituent Assembly, it will again need the approval of the Cabinet.
00:30And after getting approval, this Bill will be presented to the Parliament again.
00:34So why has this Income Tax Bill been presented? Since when will it be implemented?
00:38What changes have taken place in it? Why was it needed?
00:41Let's go into all the details in the video.
00:43So the new Income Tax Bill 2025 is an important part of a major effort to improve the tax system in India.
00:49The purpose of the new Income Tax Bill is to make it easier, organized and transparent by improving the existing tax system.
00:57Currently, the Income Tax Act 1961 rules and laws are in force in India.
01:03After the new Income Tax Bill is passed, this Income Tax Act 2025 will be implemented and the Income Tax Act 1961 will be replaced.
01:12Under the new rules, there will be a change in the streams of income tax.
01:15Along with this, the assessment year has also been terminated in the new bill and the tax year has been prioritized.
01:21Because earlier, taxpayers were confused between the financial year and the assessment year.
01:25That's why only one has been given, tax year.
01:28That is, the tax year will start from April 1 and will continue until March 31 next year.
01:33And if a business or work is started, its tax year will start from that day and will end at the end of that financial year.
01:40In addition to this, the legal language has also been improved.
01:43In the new bill, legal words have been made easier and shorter, which will make it easier to understand.
01:48In the proposed bill, easy language has been included for the convenience of the taxpayer.
01:52And under the efforts to make tax rules and its sections easier, the number of streams has also been reduced and the difficult streams have been removed.
02:01There is no mention of any new tax in the new bill.
02:04There are 536 sections in the new bill with 622 pages, while there were 823 pages in the 64-year-old Income Tax Act.
02:12Chapters and sections have been increased in this.
02:15The number of chapters in this bill is 23, but the sections have increased from 298 to 536.
02:21Schedules have also been increased in this.
02:23The number of schedules has increased from 14 to 16.
02:26If the new Income Tax Bill 2025 is passed once, then the Income Tax Act 2025 will be formed.
02:32After this, the existing Income Tax will be terminated in 1961.
02:36And if it is to be implemented, then it will be implemented from April 1, 2026.
02:43In addition to this, there are some other important things that we should know.
02:46Such as there are strict rules on virtual digital assets.
02:50Virtual digital assets such as cryptocurrency will now be considered under undisclosed income.
02:55In addition to this, measures have been taken to prevent tax theft.
02:58Such as there are strict regulations on digital transactions and crypto assets.
03:01To increase transparency and to prevent tax theft.
03:05Taxpayers Charter.
03:07The Taxpayer Charter has also been included in the new bill, which will protect the rights of taxpayers.
03:12And will make the tax administration transparent.
03:15Now let's understand why the need for a new tax bill came.
03:18The existing Income Tax Act was technically very difficult due to being many decades old.
03:24And it was also burdensome in terms of circulation.
03:27There were changes in it from time to time.
03:29But it was not completely suitable for today's digital and modern economy.
03:34Therefore, the government has introduced the new tax bill 2025 to make the tax system easy.
03:37To give way to taxpayers and to make the compliance process easier.
03:45In this, the slabs have been simplified.
03:48You know that in the budget of 2025, there was an announcement of new tax slabs.
03:52For example, there is no tax from 0 to 4 lakhs.
03:554 to 8, 5%.
03:578 to 12, 10%.
03:5912 to 16, 15%.
04:0016 to 20, 20%.
04:02And 20 to 24, 25%.
04:04Apart from this, if the income is more than 24 lakhs, then 30% tax is charged.
04:09So before this, the no tax limit was 7 lakhs.
04:12Which has now increased to 12 lakhs.
04:14And the middle class will get relief from this change.
04:17Because their taxable income will be taxed less than before.
04:20Apart from this, there were some problems in the old law.
04:22See, taxpayers had a lot of administrative problems in paying tax returns and compliance.
04:27It was a little difficult, the rules were a little difficult.
04:30Apart from this, the solution to the tax disputes was very slow and very complicated.
04:34Which will be very easy now.
04:36There were no appropriate measures to properly coordinate the digital economy.
04:40Which have been brought in this.
04:42Apart from this, if we talk about the new tax law, then how will the common man benefit?
04:46First, it was announced in the budget that the income up to 12 lakhs has been tax-free.
04:50Which will give relief to the middle class.
04:52Apart from this, tax filing will be easier.
04:54Paperwork will also be reduced in this.
04:56And online tax return filing will be increased.
04:59With the new system, the solution to the tax disputes will also be faster.
05:03And because of this bill, the digital payment and business will also be increased.
05:07In the new income tax bill, now for any person, K.
05:10For the Hindu divided family, K.
05:12And for the community, G.
05:14In this way, instead of sub-section, the tax calculation has been done according to the tax lab.
05:19Apart from this, on the graduation of the army, para force and other employees like the defense sector.
05:24Tax has been exempted.
05:26Even on the contribution made under the Agnipat scheme, no tax will be charged in the new tax bill.
05:31There is still such a rule.
05:33Apart from this, tax exemption on home loan, medical, PF, higher education per loan, electric vehicle and insurance has been maintained.
05:41In short, this new tax bill is very easy to understand.
05:46You can also go to the website and see.
05:48And if you want to see this bill, want to read it.
05:51It has also been updated on the Lok Sabha's official website.
05:54And there you can get access to the bill.
05:56You can also download the PDF from there.
05:59So how did you like the new income tax bill?
06:01Comment and tell.
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