Income Tax Bill 2025: Major Overhaul of India's Tax System + UPSC?.ToString()?? UPSC?.ToString()+" Current Affairs";

Why in the News?
The Union Cabinet has approved the new Income Tax Bill, aiming to replace the six-decade-old Income Tax Act of 1961. This initiative seeks to simplify and modernize India's tax framework, making it more comprehensible and efficient for taxpayers. 
Key Takeaways
Simplification of Tax Laws: The new bill focuses on simplifying legal language to enhance taxpayer understanding and reduce ambiguities.
No Additional Tax Burden: The legislation aims to streamline tax laws without introducing new taxes, emphasizing ease of compliance.
Reduction in Litigation: By providing greater tax certainty and introducing efficient dispute resolution mechanisms, the bill seeks to minimize tax-related disputes.
Compliance Reduction: Efforts include eliminating redundant documentation and streamlining tax return filing procedures to reduce the compliance burden on taxpayers.
Do You Know?
Historical Context: The Income Tax Act of 1961 has been the cornerstone of India's tax system for over 60 years, undergoing numerous amendments that have added to its complexity.
Public Consultation: The Central Board of Direct Taxes (CBDT) received approximately 6,500 suggestions from various stakeholders during the drafting process, reflecting a participative approach in tax reform.
Static Points about Income Tax Bill 2025
Objective: To modernize and simplify the tax system, making it more accessible to the general public.
Key Features:
Simplified Language: The bill uses clear and concise language to ensure better understanding among taxpayers.
Dispute Resolution: Introduction of mechanisms to resolve tax disputes more efficiently.
Compliance Reduction: Streamlining procedures to reduce the compliance burden on individuals and businesses.
Implementation Process:
Cabinet Approval: The bill has been approved by the Union Cabinet.
Parliamentary Procedure: It will be introduced in Parliament and referred to the Standing Committee on Finance for detailed examination.
Final Approval: Post discussions and potential modifications, it will be passed by both Houses of Parliament and receive the President's assent before implementation.
Conclusion
The Income Tax Bill 2025 represents a significant step towards a more transparent and efficient tax system in India. By focusing on simplification, reducing litigation, and easing compliance, the government aims to foster a more taxpayer-friendly environment, encouraging compliance and boosting economic growth.