New Income Tax Bill Introduced in Lok Sabha, Referred to Select Committee

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha today. The new bill, comprising 536 sections across 622 pages, aims to replace the 64-year-old Income Tax Act of 1961. Key changes include simplifying language, introducing the concept of "tax year" to replace "assessment year," and streamlining tax structures. Sitharaman urged Speaker Om Birla to refer the bill to a select committee of the House for further examination. The committee is expected to submit its report by the first day of the next session. Once passed, the new law is anticipated to take effect from April 1, 2026.

Source: Varta Bharati