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The bill will now be reviewed by a selection committee of the Lok Sabha, which is expected to submit its report before the monsoon session of Parliament.
The proposed bill does not change tax rates. Instead, it focuses on three major reforms: simplifying the language for better understanding, removing the old provisions, and restructuring classes for easy navigation.
The government said that more than 60,000 man-hour drafts the bill. A committee of about 150 officers of the department worked on the draft, which was finally fully reviewed by the Ministry of Law and Justice.
Here is everything that you have to know about the bill.
New Income Tax Bill 2025 FAQ: It aims to simplify India’s tax laws.
10A Income Tax (T) Tax Year Concepts (T) Assessment Year Replacement (T) Salary Employees Provision (T) Income Tax Amendment 2025 (T) Finance Bill 2025 (T) Lok Sabha Selection Committee (T) Income Tax Law Sims (T) T) Nirmala Sitarman (T) Minimum Alternative Tax (MAT) (T) Income Tax Cut (T) Tax Compliance Rules (T) Indian Tax Reform
