The earnings tax division clarified that the brand new Revenue Tax Invoice, 2025, doesn’t suggest any modifications to tax charges, together with long-term capital beneficial properties. The invoice focuses on simplifying language and eliminating outdated provisions.
In a put up on the social media platform X, the Income Tax Department knowledgeable, “There are information articles circulating on varied media platforms that the brand new Revenue Tax Invoice, 2025 proposes to alter tax charges on LTCG for sure classes of taxpayers. It’s clarified that the Revenue Tax Invoice, 2025 goals at language simplification and removing of redundant/out of date provisions.”
The division added, “It doesn’t search to alter any charges of taxes. Any ambiguity on this respect shall be duly addressed through the passing of the Invoice.”
Revenue Tax Invoice 2025
The brand new Revenue Tax Invoice of 2025 was offered in Parliament in February and subsequently forwarded to a parliamentary committee. The committee submitted its suggestions relating to the invoice to Parliament on July 21.
The proposed Income Tax bill goals to reinforce ease of doing enterprise, reduce particular person taxpayers’ litigation burdens, and enhance confidence for each small and enormous traders to Make in India and create jobs, member of choose committee of Parliament Milind Deora stated on Friday.
“This invoice has seen a number of amendments. The federal government’s goal, which is the precise idea, is that this invoice which is over 60 years previous and has so many amendments to dispose of that invoice and exchange it with a brand new, recent invoice is a brand new concept,” Deora stated.
“I believe that step by itself and intent will chief of lowered harassment, enhance ease of doing enterprise and can give investments to Make in India, spend money on India and to create jobs,” he added.
Deora highlighted that the 60-year-old IT Invoice comprises many outdated provisions which have been beforehand amended. He said that this invoice will profit each MSMEs and bigger overseas firms, whereas additionally easing the burden on particular person taxpayers.
The proposed earnings tax invoice comprises 23 chapters and 536 provisions, a big discount from the earlier 47 chapters and 819 provisions within the 1961 invoice.
(With inputs from businesses.)
