The Central Board of Direct Taxes (CBDT) has invited public input on the new Income Tax Bill, 2025, via a utility. The bill was introduced in Parliament on February 13 and is currently under review by a select committee.
Under the process of consultation, the board has launched an online portal where the stakeholders can submit recommendations for the tax rules and related forms, as per the Ministry of Finance cited in a statement.
The motive of the new Income tax bill is to ensure greater transparency, facilitate tax compliance, and eradicate outdated provisions from the existing Income-tax Act, of 1961. The bill specifies an amendment to India’s tax framework, addressing issues that have evolved over the past 6 decades.
How You Can Share Feedback on the New I-T Bill, 2025
CBDT’s e-filing portal currently features a utility tool permitting taxpayers, professionals, and businesses to submit feedback, to streamline public engagement. The website can be accessed here: eportal.incometax.gov.in
The public must verify their identity via a one-time password (OTP) based verification using their name and mobile number.
The feedback should reference the particular section, sub-section, rule, or form within the Income Tax Rules, 1962, assuring the appropriate and constructive inputs. Under four major areas the CBDT has classified recommendations-
- Simplification of language: Making tax laws simpler to understand.
- Lessening litigation: Addressing peculiarities that lead to regulatory disputes.
- Decreasing compliance load: Easing the process to rectify the taxpayer’s experience.
- Eliminating redundant provisions: Removing the expired rules and forms to improve efficiency.
Amendment in the Income-tax Bill, 2025
The new bill sought to update the tax system by easing the same and ensuring effective clarity in the document. Below are the amendments-
Prepare for the Tax Year System: Substituting the existing Financial Year (FY) and Assessment Year (AY) to stop confusion in tax filings.
Understanding the Expanded VDA Definition: The government may declare the Covering cryptocurrencies, non-fungible tokens (NFTs), and other digital assets.
Read Also: CBDT Chief Seeks Industry Suggestions on the New Income Tax Bill
Procedures for Tax Recovery and Appeals Changes: Executing the new measures to ease dispute resolution and lessen the delays in the process of tax recovery.
Enhancing the Clarity and Accessibility of Legal Documents: Even after maintaining the same number of chapters, the bill lessens the overall word count, which makes the tax statute simpler to interpret.
Section 47 Changes: Eliminating the provisions of the land transfers via sick industrial companies and stock exchange demutualization.
