The Income Tax Department said on Tuesday that the new Income Tax Bill 2025 will not bring any change in tax rates. Some news reports and posts on social media had claimed that the new bill would raise Long Term Capital Gains (LTCG) tax for some people. Others said that current tax benefits on share market investments might be removed. These reports caused confusion and worry among taxpayers.
To clear up the confusion, the Income Tax Department posted a message on the social media platform X. In that message, it explained that the new Income Tax Bill is only meant to make the language easier and remove old or unnecessary rules. It clearly stated that the bill does not suggest any change in tax rates.
The department also said that if there is any confusion about the bill, it will be explained properly when the bill is discussed and passed in Parliament. The aim is to make sure everyone understands what the bill is really about.
The new Income Tax Bill was introduced in the Lok Sabha during the Budget Session held in February this year. After that, it was sent to a special group of lawmakers, who studied the bill and recently gave their report.
This new bill is being made to replace the old Income Tax Act, which has been in use since 1961. This is the first time the entire law is being rewritten. The goal of the new bill is to make the rules simple, modern, and easier to use. It also wants to help people use digital tools more easily for tax purposes.
The government wants to make the tax system better and more user-friendly. The new bill is a big step toward making tax laws easier for everyone to understand and follow.