30-Jul-2025      12:41

No change in LTCG tax rates under Income Tax Bill 2025, clarifies IT dept

The Income Tax Department has clarified that the proposed Income Tax Bill 2025 does not seek to change any tax rates, including those on Long Term Capital Gains (LTCG), amid reports suggesting otherwise. The clarification was issued through an official statement on social media, responding to speculation in several media outlets regarding potential changes to the taxation structure.

According to the department, the new bill is focused solely on simplifying legal language and removing redundant or obsolete provisions from the current law. It emphasised that the draft legislation does not contain any proposals for altering tax rates applicable to any category of taxpayers.

Any ambiguity in this respect shall be duly addressed during the passing of the Bill, the department said in its statement on X.

The Income Tax Bill 2025 is expected to replace the existing Income Tax Act of 1961 and has been designed to modernise the tax code, making it more streamlined and easier to navigate, particularly in the context of increasing digital integration and compliance automation.

Powered by Capital Market - Live News

News source: Capital Market - Live News