New I-T bill Empowers Taxpayers, Minimises Litigation: Mitali Madhusmita

Hyderabad: The Federation of Telangana Chambers of Commerce and Industry (FTCCI), an industry body, hosted an overview meeting on the New Income Tax Bill & Finance Act 2025 (ITB 25), in the city. The programme aimed to familiarise tax professionals and industry stakeholders with the key changes in the new tax regime.

Addressing about 150 participants, Mitali Madhusmita, Principal Chief Commissioner of Income Tax, Andhra Pradesh & Telangana, said: “The Income Tax Bill, 2025 introduced in the Lok Sabha on February 13, 2025 aims to replace the Income Tax Act, 1961, while retaining its core provisions. The new bill simplifies the structure reducing over 700 sections to 536.”

She further said that the simplified Bill empowers taxpayers, reduces litigation, and ensures better digital compliance. “The act has consolidated chapters 47 to 23, minimising ambiguity, which previously led to nearly 4,000 amendments over the years. The old Act left a lot of room for interpretation, benefiting only legal professionals. This reform brings clarity,” she added.

Madhusmita also informed that driven by economic activity and growing compliance the direct tax collections from Andhra Pradesh and Telangana has increased from Rs 1 lakh crore in last year to Rs 1.19 lakh crore this year.

The event also featured three technical sessions on Overview of Finance Act, 2025 and Overview of Appeals, Prosecutions, Penalties, Assessments, and Reassessments under ITB 2025.