The simplified Income Tax Bill 2025, which brings in the concept of ‘tax year’ and abolishes the archaic and complicated terms ‘previous’ and ‘assessment years’, is likely to be introduced in Parliament on Thursday.The Bill comprises 536 sections, 23 chapters and 16 schedules in just 622 pages. It does not bring in any new taxes, but only simplifies the language of the existing Income Tax Act, 1961.
The six-decade old legislation has 298 sections and 14 schedules. It had 880 pages when the Act was introduced.
The new Bill seeks to replace the Income Tax Act, 1961 which has bec
