The current Income-tax Act was enacted in 1961 and came into existence with effect from April 1, 1962. It has been amended nearly 65 times with more than 4,000 amendments."

The Union finance minister says in the Lok Sabha that ‘substantial’ changes are being made to the Income Tax Act 1961.

Finance Minister Nirmala Sitharaman will introduce the new Income-Tax Bill 2025 in the Lok Sabha today on February 13. The Bill aims to consolidate and amend the taxation laws of the country.

The new Income Tax Bill 2025 was tabled in the Lok Sabha on February 13, following which the Opposition MPs staged a walkout.

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, aiming to simplify tax terminology and reduce legal sections. Despite opposition, the bill was moved to a House committee for further consideration.

Finance Minister Nirmala Sitharaman has introduced the new income tax in Parliament today. The new Income Tax Bill will replace the Income Tax Act of 1961. The new tax bill is being brought to simplify the tax laws and remove obsolete and redundant laws.

The proposed new bill is projected to have 23 chapters, 16 schedules, and approximately 536 clauses, a significant reduction compared to the previous act.

Finance Minister Nirmala Sitharaman tabled the new Income Tax Bill 2025 in Lok Sabha on Thursday. The minister moved a motion to form a select committee on the bill, which was passed by the House.

Finance minister Nirmala Sitharaman defended the income tax relief for the 2025-26 budget, highlighting its benefits for all income groups, with higher savings for lower earners. She introduced a bill to simplify the tax regime,

India will introduce a new condensed version of its income tax law in the lower house of the Parliament on Thursday, which aims to simplify the six decades old rules that have led to a slew of litigations.