New Delhi, Feb 13: Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.

The legislation will replace the Income Tax Act, 1961, which has grown extensively due to numerous modifications carried out over six decades.

The Bill will be sent to the Select Committee of Parliament before it comes up for final approval in Parliament. The new law is expected to take effect on April 1, 2026.

The first part of the Budget Session of Parliament also came to an end on Thursday and the second part of the session will resume on March 10. The Budget Session is being held in two parts – from January 31 to February 13 and between March 10 and April 4.

The primary objective of the new Income Tax Bill is to simplify the tax laws, ensuring that they are more transparent, easier to interpret, and taxpayer-friendly. By replacing complex provisions with clearer provisions, it aims to reduce legal disputes and encourage voluntary tax compliance.

The bill may introduce lower penalties for certain offences, making the tax system more taxpayer-friendly.

The Income Tax Bill is being reduced to 622 pages and contains 536 clauses. It will replace the existing 64-year-old law that runs into 823 pages with 819 sections. The proposed bill seeks to simplify the language by introducing clearer terms, such as replacing ‘assessment year’ with ‘tax year’. It will eliminate various convoluted provisions and explanations to make it easier to understand and reduce the scope of legal disputes. Some archaic clauses are being dropped as part of the simplification process.

The bill will not change the existing tax slabs or review the tax rebate given. Instead, it aims to make the six-decade-old legislation reader-friendly.

“This reform is a significant step towards modernising India’s tax framework, bringing greater clarity and efficiency. The bill promises a more streamlined, accessible tax system, making it easier for citizens and businesses to fulfil their obligations while fostering trust in the system,” says Rohinton Sidhwa, Partner, Deloitte India.

Washington, Feb 13: Prime Minister Narendra Modi is scheduled to meet Elon Musk, the billionaire who has emerged as a close and trusted ally of US President Donald Trump, during his visit to the White House on Thursday.

Prime Minister Modi is expected to meet other business leaders as well in his two-day visit but the expectation has been the highest about Musk.

The Indian leader arrived in Washington D.C. late Wednesday. His meeting at the White House is scheduled for later afternoon on Thursday.

PM Modi and Musk have met several times and the Prime Minister toured the Tesla facility in San Jose during a visit in 2015 and he was given a personal tour by Musk.

Their upcoming meeting will be different. Musk has traversed a long way from 2015 when he was a supporter of the Democratic Party. He has emerged as a close ally and trusted adviser of President Trump and, in a concession from the President, he appeared in a joint news conference in the Oval Office on Tuesday with his son Xa and dominated the interaction demonstrating the clout accorded to him by the President.

The billionaire has toyed with the idea of launching a more affordable model of the all-electric Tesla car in India. But it’s not clear if he is still interested or would like to talk about something else.

Prime Minister Modi has in the past met American business leaders during every trip in an ongoing attempt to attract foreign investment in India. These meetings have sometimes taken place in bilateral settings or in a group.

Further details of his meeting with Musk are not available immediately. But industry sources confirmed the Prime Minister and the owner of Tesla and SpaceX will meet and this meeting will be the first after Musk’s emergence as a close and trusted adviser to President Trump, who has entrusted him with the task of improving the efficiency of the federal government.

PM Modi will also have a one-on-one meeting with Musk, who is overseeing the so-called Department of Government Efficiency, with a focus on slashing federal programs and regulations. PM Modi’s discussion with the world’s richest person is expected to centre on AI policy, Starlink’s expansion into India, and Tesla’s ability to open up a plant in the country, a US government official said.

Mumbai, Feb 12: Maharashtra’s Transport Minister, Pratap Sarnaik, has invited developers to participate in the development of the Maharashtra State Road Transport Corporation (MSRTC) land bank, spanning 3,360 acres.

Speaking at the NAREDCO NextGen Conclave 2025 in Mumbai on Wednesday, Sarnaik emphasised that the redevelopment of bus depots across districts, talukas, and rural areas would be undertaken on a fast-track basis.

He announced that the state government is set to float 150 to 160 tenders for the project soon.

To facilitate this transformation, renowned architect Hafeez Contractor has been appointed to prepare a development plan for MSRTC bus depots. Sarnaik highlighted the strategic importance of these land parcels and urged developers to explore commercial and residential opportunities beyond urban centers.

In a key policy move, the Minister revealed that MSRTC will be designated as a Planning Authority, streamlining project approvals under a single-window system. He added that the corporation’s technical team will be strengthened to efficiently manage the approvals and execution process.

Encouraging developers to venture beyond metro cities, Sarnaik pointed out the potential in semi-urban and rural areas, stressing that real estate growth in these regions would contribute significantly to the state’s overall development.

Sarnaik also noted that land parcels in Lonavala-Khandala and Mahabaleshwar — which are currently restricted under forest and no-development zones — would soon be included under the new Development Control and Promotion Regulations (DCPR). This change would allow for a higher Floor Space Index (FSI), unlocking new development opportunities.

Additionally, the government is working to extend land lease periods from 60 years to 99 years, making projects more financially viable for developers.

At the conclave, Sarnaik also launched the NAREDCO NextGen ‘Digital Learning Hub’, an online learning platform designed for young real estate professionals. The hub will offer insights into emerging trends, advanced technologies, and policy updates through collaborations with leading institutions, providing certification programs to nurture the next generation of real estate leaders.