New Delhi: The new Income Tax Bill is likely to be introduced in the Lok Sabha tomorrow. The Income Tax Bill, 2025, which has 536 sections, 622 pages and 23 chapters, is going to be introduced. The new bill will replace the Income Tax Act of 1961. The government is preparing to enact the new legislation with the aim of simplifying the procedures.
The new bill replaces the term ‘previous year’ in the Income Tax Act, 1961 with the term ‘tax year’. The term ‘assessment year’ has also been omitted. The number of pages has been reduced to 622. The current law has 880 pages. Finance Minister Nirmala Sitharaman announced during the budget presentation that a new income tax bill will be introduced during the current session.
