 "Union Budget 2025: New income tax bill to be half the current one and simpler, says Sitharaman")
Finance Minister Nirmala Sitharaman on Saturday said that the new income tax bill will have half of the present laws, and will be simple for taxpayers and tax administrators to reduce litigations.
The new income tax bill - a direct tax code meant to simplify compliance for individual taxpayers - will be introduced next week, she added as she presented the Union Budget 2025.
Discussions about a new direct tax code arose when Sitharaman presented the full 2024/25 budget in July.
At that time, she said the aim was to simplify current income tax laws for better readability and to reduce the length of the Income Tax Act of 1961 by an impressive 60 per cent.
Sitharaman on Saturday made history as she presented a record eighth consecutive budget, which comes in the backdrop of slowdown in economy and demand for tax cuts for middle class.
This will take Sitharaman closer to the record of 10 budgets that were presented by former Prime Minister Morarji Desai over different time periods.
Desai has presented a total of 6 budgets during his tenure as finance minister from 1959 to 1964, and 4 budgets between 1967 and 1969.
With inputs from agencies
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