New Delhi, March 25 -- Finance Minister Nirmala Sitharaman said in Lok Sabha on Tuesday that the new Income Tax Bill will be taken up for discussion in the next Monsoon session of Parliament.
In her reply to the debate on Finance Bill 2025, Ms Sitharaman said that the bill proposes to remove seven Customs tariff rates for industrial goods.
The Income-Tax Bill of 2025 was presented in Lok Sabha on February 13, 2025, with the objective of superseding the existing Income-Tax Act of 1961.
It also codifies a comprehensive framework for faceless assessments under Clause 273.
Speaking on the Financial Bill, the Finance Minister said the Union Budget of 2025-26 is aimed at boosting domestic production and enhancing export competitiveness.
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