The New Income Tax Bill, 2025 is being introduced in parliament on Thursday February 13th, 2025 to replace more than six decades old Income Tax Act, 1961. Taxation History in India has developed over the years. Briefly, following are the Income Tax Acts: –
- Income Tax Act, 1860.
- Income Tax Act, 1886.
- Income Tax Act, 1922
- Income Tax Act, 1961
- And now the Income Tax Bill 2025.
The New Income Tax Bill 2025 will comprise 622 pages as compared with the original income tax act, 1961 with its 880 pages, when it was launched.
The Bill contains 536 sections, 23 chapters and 16 schedules.
The objective of the New Tax Law is to simplify the provisions which are easy to understand for taxpayers and tax administrators, leading to tax certainty and reduced litigation.
We will soon update major changes in the Act along with a brief note for better nderstanding. Stay tuned.