The new Income Tax Bill 2025 was tabled in the Lok Sabha on February 13, following which the Opposition MPs staged a walkout.

The proposed new bill is projected to have 23 chapters, 16 schedules, and approximately 536 clauses, a significant reduction compared to the previous act.

The new Income Tax Bill received clearance from Union Cabinet last week. Soon, the FM will likely table the same in the Parliament. The new Income Tax Bill, once passed by the Parliament, will replace the decades-old Income Tax Act of 1961.

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in Lok Sabha, aiming to replace the 1961 Act. Set for implementation in April 2026, it seeks to simplify and consolidate tax laws,

The current Income-tax Act was enacted in 1961 and came into existence with effect from April 1, 1962. It has been amended nearly 65 times with more than 4,000 amendments."

As Finance Minister Nirmala Sitharaman is expected to bring the New Income Tax Bill in the Lok Sabha today, there is a lot of conjecture over the bill's substance and possible effects on taxpayers. Tax experts predict that the new income tax bill,

The bill makes significant changes in the way the direct tax statute is written and presented, giving priority to simplicity, clarity and reduction in litigation arising from complexity, in stark contrast to the existing law that is notorious for long-winding sentences with cross references.

Finance Minister Nirmala Sitharaman on Thursday presented the new Income Tax Bill during the budget session in the Lok Sabha. In the new Income Tax Act, the previous year and assessment year have been abolished,

India will introduce a new condensed version of its income tax law in the lower house of the Parliament on Thursday, which aims to simplify the six decades old rules that have led to a slew of litigations.