Latest News | 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".

Also Read | Independence Day 2025 Date and Day: Is 15th August a Bank Holiday? Will Schools and Stock Market Remain Open or Closed on Friday, August 15? FAQs on 79th Independence Day Answered.

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.

Also Read | New UPI Rules 2025: NPCI Issues Fresh Guidelines to Limit Balance Checks, Auto-Pay Timings and More From August 1.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)