New Delhi, March 25, 2025 – Finance Minister Nirmala Sitharaman announced that the new Income Tax Bill will be discussed in the monsoon session of Parliament. The bill, introduced on February 13, is under review by the Select Committee, which will submit its report before the session begins in July.
Aimed at simplifying tax laws and reducing litigation, the new bill is significantly shorter than the 1961 Income Tax Act. It reduces sections from 819 to 536, chapters from 47 to 23, and removes 1,200 provisos and 900 explanations while increasing structured information with 57 tables.
