New Income Tax Bill : The government plans to replace the decades-old income tax laws with a new income tax bill , which was announced in the Budget 2025 . The new income tax bill aims to simplify the laws so that even a common man can understand them. Income Tax Bill 2025 Live News: FM Nirmala Sitharaman has presented the new Income Tax Bill in parliament today. The new income tax bill 2025 looks to simplify and significantly overhaul the present income tax act 1961, which has often been seen as cumbersome, complex, and extremely difficult to understand for the common taxpayers. As per sources, the new income tax bill is likely to have 23 chapters, 16 schedules, and around 536 clauses. This is in drastic comparison with the previous act ... New Income Tax Bill 2025 passed in Parliament: key features, what changes New Income Tax Bill 2025 Passed, Key Changes, Refund Rules: Parliament on Tuesday passed a new income tax Bill to replace the six-decade-old Income Tax Act, 1961. The Bill is likely to come into effect from April 1, 2026. Here's all you need to know Written by Aanchal ... Explore the key reasons for withdrawal of the New Income Tax Act 2025 , changes made in the new draft act. The new income tax act is designed to simplify tax laws, reduce litigation, enhance compliance, and provide greater tax certainty for taxpayers and authorities.
