March 25, 2025 3:58 PM

New Income Tax Bill to be introduced in monsoon session: FM Sitharaman

The new Income Tax Bill will be taken up for discussion in the Monsoon session of Parliament, Finance Minister Nirmala Sitharaman told the Lok Sabha on Tuesday. The Income-tax Bill, 2025, which will replace the six-decade old Income Tax Act, 1961, will make direct tax laws simple to understand, remove ambiguities, and reduce tax disputes. The simplification exercise was guided by three core principles which include textual and structural simplification for improved clarity and coherence, ensur...