Indian Finance Ministry has prepared a new Income Tax Bill, 2025 to be tabled before Parliament.
In her 2025 Budget speech, Indian Finance Minister had announced that the government will introduce a new Income Tax Bill to simplify the country’s tax law. Spanning 622 pages, the new Income Tax Bill, 2025 aims to replace the 60-year-old Income Tax Act, 1961.
The new Income Tax Act, 2025, if enacted as expected, will apply from 2026.