{"id":356398,"date":"2025-08-12T13:30:40","date_gmt":"2025-08-12T08:00:40","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=356398"},"modified":"2025-08-12T13:34:43","modified_gmt":"2025-08-12T08:04:43","slug":"income-tax-no2-bill-passed-by-lok-sabha","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/12\/income-tax-no2-bill-passed-by-lok-sabha\/","title":{"rendered":"Lok Sabha passes Income-tax (No. 2) Bill, 2025"},"content":{"rendered":"
\n

The Union Finance Minister, Nirmala Sitharaman<\/span>, introduced the new Income-tax (No. 2) Bill, 2025<\/span> on 11-8-2025 to replace the 6-decade old Income-tax Act, 1961 which was passed by Lok Sabha without debate on 11-8-2025.<\/p>\n

Need to replace:<\/h3>\n

The Income-tax Act, 1961<\/span> has been subjected to numerous amendments which resulted in overburdening of basic structure and complex language.<\/p>\n

Earlier, the Income-tax Bill, 2025<\/a><\/span> was first introduced during the 2024 Budget which was approved by the Union Cabinet on 7-2-2025. But this Bill was withdrawn by the Government after the Select Committee laid out its report.<\/p>\n

It was noticed that there were corrections in drafting, alignment of phrases, consequential changes and cross- references.<\/p>\n

The new Bill has been introduced in an attempt to make the Act concise, lucid and easy to read and understandable which will help in reducing disputes, litigations and provide clearer tax certainty to taxpayers.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bill attempts to replace 6-decade old law for the benefit of taxpayers.<\/p>\n","protected":false},"author":67515,"featured_media":356406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[2592,87044,51086,81043,41930],"class_list":["post-356398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes","tag-Income_Tax","tag-income-tax-no-2-bill-2025","tag-income-tax-act-1961","tag-income-tax-bill-2025","tag-tax-payers"],"yoast_head":"\nIncome-tax (No. 2) Bill, 2025 introduced in Parliament | SCC Times<\/title>\n<meta name=\"description\" content=\"Government takes another attempt to replace 6-decade old Income-tax Act, 1961 for the benefit of taxpayers by introducing Income-tax (No. 2) Bill, 2025.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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