Transforming Taxation: A New Era with the Income Tax Bill, 2025
The Income Tax department is crafting new rules for the Income Tax Bill, 2025, aiming to modernize the tax framework. CBDT Chief Ravi Agarwal emphasizes 'enforcement with empathy' for taxpayer convenience, using data analytics to foster voluntary compliance. The Bill is currently under parliamentary review.
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- India
The Income Tax department is actively developing rules, forms, and procedures for the upcoming Income Tax Bill, 2025. This new legislation aims to overhaul the six-decade-old direct tax law, bringing modernization and simplicity to India's tax framework.
Speaking at the 166th Income Tax Day event, CBDT Chief Ravi Agarwal articulated the department's commitment to 'enforcement with empathy.' This approach facilitates voluntary taxpayer compliance, allowing citizens to review and update their finances with minimal interference.
The 2025 Income Tax Bill was introduced in Parliament earlier this year and is currently under examination by a parliamentary panel. The department's innovative use of data analytics underlines a proactive strategy to empower taxpayers, fostering transparency and trust in the system.
(With inputs from agencies.)
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