February 13, 2025 4:24 PM

Sitharaman tables new Income Tax bill in Lok Sabha, virtual assets like crypto defined under income from other sources

Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of tax reforms aimed at streamlining and simplifying provisions to make them easier to understand and reduce the scope for legal disputes. The legislation will replace the Income Tax Act, 1961, which has undergone extensive modifications over the past six decades. The bill will be sent to the Select Committee of Parliament before being presented for final approval. The new law is ...