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

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."

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,

Union Finance Minister Nirmala Sitharaman Thursday introduced the Income Tax Bill 2025 in the Lok Sabha. The new income tax bill will replace terminologies like assessment and previous year with easier-to-understand ‘tax year’ as part of the move to simplify language while removing provisos and explanations.

Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House. Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.

Finance Minister Nirmala Sitharaman presented the new Income Tax Bill In Lok Sabha on Thursday, which will replace the Income Tax Act, 1961. The finance minister said, "We are reducing the number of income tax sections to 536." She added that substantial changes are being made to the income tax bill, with a reduction in the number of chapters.

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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.

The government has shared a list of frequently asked questions that taxpayers may pose after reading the Income Tax Bill 2025. Read on to know what they are.