Revamped Income Tax Bill 2025 Aims to Empower Youth and MSMEs
The Income Tax Bill 2025 promises to boost small businesses and address economic inequality, says Parliamentary Select Committee member Dinesh Sharma. Simplifying the long-standing 1961 Income Tax Act, the bill aims to aid 2.5 crore individuals rise from poverty and streamline tax return processes for the common man.
- Country:
- India
The 2025 Income Tax Bill is poised to invigorate the entrepreneurial spirit among the youth and elevate Micro, Small, and Medium Enterprises (MSMEs), according to Dinesh Sharma, a member of the Parliamentary Select Committee. He emphasized the bill's potential to address economic disparities across states while promoting equitable growth, as he spoke to ANI on Wednesday.
Sharma lauded the simplification of the half-century-old Income Tax Act of 1961. During the bill's discussion, Sharma acknowledged the government's consistent efforts in revising outdated laws. Announced in February, the 2025 budget has been instrumental in lifting 2.5 crore individuals out of poverty, thanks to various schemes.
Echoing the sentiment, BJP RS MP Sanjay Seth highlighted the new easy-to-understand Income Tax Return forms, making the filing process more accessible. The voice for change gained momentum with the Select Committee's tireless five-month review, engaging industry leaders and experts to refine the tax regime for the common populace, culminating in its 285 comprehensive recommendations.
(With inputs from agencies.)
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