The 2025 Income Tax Bill faces opposition
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Today’s edition combines warm tales, creative ideas and the rich culture of our people. There is a lot of goodness to focus on and happy endings in these great stories! 😊✨
Wherein, uplifting stories of people helping one another in crisis and cutting-edge breakthroughs that aid in improving living conditions in the society today, we seek out the optimism around us. Wondering where all the good news is about some persons doing great things or perhaps local legends and the works they are doing in the society? We have those and more! 🎉🙌
So, buckle up and start this.
💬 Navigating Perspectives
Finance Minister Nirmala Sitharaman introduced the new income tax bill in Parliament on Thursday, aiming to simplify the existing Income-Tax Act of 1961. The bill's tabling was met with mixed reactions, as opposition members questioned its complexity and staged a walk-out. Despite the dissent, the House passed the motion to table the bill, which was then referred to a joint parliamentary committee for review.
Key Changes Proposed
The new income tax bill brings several changes. It aims to reduce jargon and streamline the language of the existing law. The bill also introduces the concept of a 'tax year' to replace the use of 'financial year' and 'accounting year'. The new law will take effect from April 1, 2026 and will not change existing tax slabs. The bill also includes tables for provisions relating to TDS, presumptive taxation, salaries, and deductions for bad debt.
Addressing Complexity Concerns
Despite claims from some opposition members that the new bill is more complicated, Finance Minister Sitharaman has emphasized its simplicity. She noted that the existing law has over 800 sections, while the proposed law has only 536. Additionally, she highlighted that the number of words has been reduced by half, and the language used is simpler.
Impact on Taxpayers
One of the most significant announcements related to personal income tax in the Union Budget 2025 was the increase in the tax rebate limit. Starting from FY2025/26, individuals with a salary of up to Rs 12 lakh (Rs 12.75 lakh including standard deduction) will not pay tax. The tax slabs for the new regime have also been tweaked, with the addition of a 25 percent bracket for salary within the Rs 20 lakh - to Rs 24 lakh category.
Path to Implementation
The joint parliamentary committee will examine the new tax proposals and make necessary changes. The committee is expected to submit its report on March 10. After the report is submitted, the bill will be re-tabled in the House for passing. If passed, the new income tax law will usher in a new era of simplicity and ease of understanding for Indian taxpayers.
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🗣️ Stories that Matter
Darpan Inani, a visually impaired chess champion, won two gold medals at the Para Asian Games 2023. He is the first visually impaired Indian to win a sighted international chess tournament. He overcame Stevens-Johnson Syndrome as a child and uses technology instead of Braille, proving chess is about vision, not visibility.
Prasanna Shirol, whose daughter Nidhi had Pompe disease, founded the Organization for Rare Diseases India (ORDI) after facing challenges in her diagnosis and treatment. ORDI advocates for rare disease patients, provides resources, connects patients with experts, and pushes for policy changes like the National Rare Disease Fund.
Visually impaired Rajesh Kumar from Haryana overcame adversity by starting a successful organic rose farm. He cultivates roses and produces value-added products like gulkand and rose water, earning significantly more than his previous menial jobs. His family supports the business, which operates under the brand 'Parerana Flower Farm'.
ZBNF is a sustainable agricultural practice pioneered by agriculturist Subhash Palekar, natural fertilizers and pesticides within Zero Budget Natural Farming (ZBNF). These include Beejamrita (seed treatment), Jeevamrita (soil fertilizer), Brahmastra and Agnihastra (insecticides), and a curd-based fungicide. All rely on cow dung, cow urine, and locally available plant materials to promote sustainable agriculture.
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National Women's Day, this day commemorates the birth anniversary of Sarojini Naidu, a freedom fighter and the first woman governor of Uttar Pradesh.
🔖 Quote of the day
"You miss 100% of the shots you don't take."
In the final words of Today’s India, we trust that you have been encouraged by the beautiful stories that have lifted the country up. Be it the startups or old practices to more sociable stories making sure that no one is left behind, there is always a sense of progress and oneness.
As we take these strides, let’s make sure we promote kindness, creativity, and teamwork. And till the next time; may you take pleasure in bringing happiness and inquisitiveness in your day to day activities!
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