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New Income Tax Bill to be introduced in monsoon session: FM Sitharaman

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New Delhi, March 25: The new Income Tax Bill will be taken up for discussion in the Monsoon session of Parliament, Finance Minister Nirmala Sitharaman told the Lok Sabha on Tuesday.

The Income-tax Bill, 2025, which will replace the six-decade old Income Tax Act, 1961, will make direct tax laws simple to understand, remove ambiguities, and reduce tax disputes.

The simplification exercise was guided by three core principles which include textual and structural simplification for improved clarity and coherence, ensuring continuity and certainty with no major tax policy changes and no modifications of tax rates to preserve predictability for taxpayers, the Finance Ministry said.

The Bill, based on global best practices, aims to enhance the ease of doing business by providing a tax framework that is simple and clear. It has led to a substantial reduction in the Act’s volume, making it more streamlined and navigable. The total number of words in the new Income Tax Bill has been reduced to 259,676 from a massive 512,535 words in the existing Income Tax Act. This close to 50 per cent cut has resulted in a reduction of 252,859 words, according to an official statement.

Accordingly, the number of chapters in the new Income Tax Bill has come down to 23 from 47 in the existing Income Tax Act. Similarly, the number of sections has been cut to 536 from 819 earlier which has resulted in removing as many as 283 sections, the statement explained.

This massive reduction has taken place with the simplification of language, making the law more accessible while the consolidation of amendments has reduced fragmentation.

A three-pronged approach was adopted with a focus on eliminating intricate language to enhance readability, removing redundant and repetitive provisions for better navigation and reorganizing sections logically to facilitate ease of reference, according to the statement.

There has also been a structural rationalisation through tables and formulae for improved readability. Besides, the preservation of existing taxation principles has ensured continuity while enhancing usability, the statement said.

Consultations were held with industry experts and tax professionals and simplification models from Australia and the UK were studied for best practices.

The government also ensured widespread stakeholder engagement, consulting taxpayers, businesses, industry associations, and professional bodies. Out of 20,976 online suggestions received, relevant suggestions were examined and incorporated, where feasible.

International

UN chief calls for investment in development to prevent conflict

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United Nations, June 20: UN Secretary-General Antonio Guterres called for investment in development to prevent conflict.

Prevention is the best cure for instability and conflict. And there is no better preventive measure than investing in development, he told a Security Council open debate on poverty, underdevelopment and conflict.

“Peace is not built in conference rooms. Peace is built in classrooms, in clinics, in communities. Peace is built when people have hope, opportunity and a stake in their future,” he said on Thursday. “Investing in development today means investing in a more peaceful tomorrow.”

He warned that the world is losing ground in this respect, Xinhua news agency reported.

“After decades of steady progress, we’re facing a development emergency. Ten years after the adoption of the Sustainable Development Goals, two-thirds of the targets are lagging,” said Guterres. “And developing countries are being battered and bruised by limited fiscal space, crushing debt burdens and skyrocketing prices.”

The engine of development is sputtering, he said. “We must renew domestic and global commitments to get public and private finance flowing to the areas of greatest need. We need to provide urgent debt relief for countries drowning in unsustainable debt service. And we must reform the global financial architecture to reflect today’s realities and the urgent needs of developing countries.”

The UN chief voiced concern over the vicious cycle of conflict and poverty.

The flames of conflict are too often lit and fed by persistent poverty and growing inequalities, he said. “Time and again, we’ve seen conflict engulfing lives and institutions, wiping out development gains, and uprooting millions of people. At the same time, we’ve seen how poverty, underdevelopment, inequality, injustice, hunger and exclusion can light the fuse of instability and conflict.”

It is no coincidence that nine of the 10 countries with the lowest Human Development Indicators are currently in a state of conflict. Forty per cent of the 700 million people living in extreme poverty live in conflict-affected or fragile settings. And the situation is only getting worse, he said.

Solutions are in short supply because of rampant geopolitical mistrust and divisions. The global economy is slowing, trade tensions are rising and aid budgets are being slashed while military spending soars. If current trends continue, two-thirds of the world’s poor will live in conflict-affected or fragile countries by 2030, warned Guterres.

The message is clear. The farther a country is from sustainable and inclusive development, the closer it is to instability, and even conflict, he said. “Let’s re-commit to the solidarity and multilateral spirit that has defined our organization across eight decades. And let’s ensure that the dividends of peace, prosperity and security are shared by all.”

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National

Questioning ‘Op Sindoor’ an insult to terror victims: Ram Kadam slams Uddhav Thackeray

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Mumbai, June 20: Maharashtra BJP MLA Ram Kadam on Friday launched a scathing attack on Shiv Sena(UBT) chief Uddhav Thackeray, calling his remarks about Operation Sindoor and US President Donald Trump, “an insult to the martyrs and armed forces”.

Kadam was reacting to Thackeray’s comments made during Shiv Sena’s 59th Foundation Day celebration.

Uddhav Thackeray had questioned the government’s handling of the terror operation, sarcastically referring to a supposed intervention by Donald Trump and alleging that the terrorists “disappeared into the ground or joined the BJP”. He further mocked the BJP by saying, “Only Dawood is left to be inducted into the party,” accusing them of seeking membership from even jailed criminals.

Speaking to media, Ram Kadam hit back, saying, “Questioning Operation Sindoor is a direct insult to those who have lost their loved ones to terrorism. It’s also an insult to our brave soldiers who risk their lives at the borders every single day to protect this nation.”

Kadam didn’t hold back from making personal jibes at Thackeray, saying, “Uddhav Thackeray is no longer the man he used to be. He’s now a confused Gandhi clone, burdened by political compulsions. His statements suggest he’s not in the right frame of mind — perhaps he needs medical attention.”

Kadam said, “No one takes him seriously anymore — not even his own family. His real brother doesn’t acknowledge him, and his sister-in-law ignores him. With such limited support, such indecent and irresponsible remarks are beneath the stature of any leader.”

He also revisited Thackeray’s long-standing rift with his cousin, Raj Thackeray, stating, “Uddhav called ‘Maharashtra Navnirman Sena’ a finished party, but he’s the one who forced Raj out when Balasaheb was still alive. Now, when he sees his own influence fading, he remembers his brother. It’s desperation, not reconciliation.”

Kadam condemned Uddhav’s continued criticism of Prime Minister Narendra Modi, Home Minister Amit Shah, and Defence Minister Rajnath Singh. Thackeray had recently remarked, “India needs a Prime Minister — right now we only have a PM of the BJP.”

Responding to this, Kadam said, “These are words of a frustrated man. Even his blood relatives have abandoned him. He’s bitter because he knows he can’t match PM Modi’s achievements. Roads are being built, infrastructure is growing, and India is advancing on every front. His criticism stems from jealousy.”

Kadam concluded by questioning Uddhav’s ideological consistency, stating, “Is this what Balasaheb Thackeray stood for? If Balasaheb were alive today, he would have applauded the leadership of Modi and Shah. But Uddhav, unfortunately, is now seated comfortably in the lap of the Gandhi family, abandoning the very values his father cherished.”

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International

Trump to decide on Iran action in two weeks: White House

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New York, June 20: US President Donald Trump will make a decision on whether he will order a strike against Iran in the next two weeks, White House Press Secretary Karoline Leavitt said at a briefing.

“Based on the fact that there’s a substantial chance of negotiation that may or may not take place with Iran in the near future, I will make my decision whether or not to go in the next two weeks,” Leavitt read a statement on Thursday, from Trump who responded to speculation about whether the United States would directly get involved in the conflict between Iran and Israel.

Iran must agree to no enrichment of uranium, and Tehran must not be able to achieve a nuclear weapon as part of any diplomatic agreement, Leavitt said.

Correspondence between the United States and Iran “has continued” as the two sides engage in negotiations, Leavitt said, echoing earlier Thursday reports that US special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi have talked by phone several times since Israel began its strikes on Iran on Jun 13, in a bid to find a diplomatic end to the crisis, media reported.

The talks included a brief discussion of a US proposal for Iran aiming to create a regional consortium that would enrich uranium outside of Iran, which Tehran has so far rejected, local media quoted three diplomats as saying on the condition of anonymity.

Araghchi told Witkoff that Tehran “could show flexibility in the nuclear issue” if the US government pressured Israel to end the war, adding Tehran would not return to negotiations unless Israel stopped the attacks, local media quoted a regional diplomat.

Trump approved attack plans on Iran on Tuesday night, but held off making a final decision in case Iran agrees to abandon its nuclear program, media reported.

Trump has met with his national security team in the Situation Room each day since Tuesday.

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