New income tax bill does not seek to change any tax rates: I-T dept
New Delhi, Jul 29 (PTI) The income tax department on Tuesday said the new I-T Bill does not seek to change any rate of taxes.
Clarifying on reports that the new Income Tax Bill, 2025, proposes to change tax rates on long term capital gains (LTCG), the I-T department said 'it (the bill) does not seek to change any rates of taxes".
Any ambiguity in this respect shall be duly addressed during the passing of the Bill, it added.
'It is clarified that the Income Tax Bill, 2025 aims at language simplification and removal of redundant/obsolete provisions," the department said in a post on X.
The new income tax bill, 2025, was introduced in Parliament in February and was then referred to a Parliamentary committee. The committee submitted its recommendation on the bill to Parliament on July 21. PTI JD TRB
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