Following the Union Cabinet Approval, the Bill has to be tabled in the Lok Sabha before it is brought into force
The Union Council of Ministers, a.k.a. The Union Cabinet is expected to give approval towards the new Income Tax Bill tomorrow – Friday, 7 February, 2025. Following cabinet assent, the Bill shall be introduced before the Lok Sabha some time next week before the reformed code comes into effect.
Union Finance Minister Nirmala Sitharaman delivered a sweeping key-note address at the Union Budget 2025-26 held on Saturday, 1 February, 2025 proposing numerous reforms to the financial landscape of India. One of the key inclusions came in the form of removal of effective Income…