Income Tax Bill 2025 Live Updates: FM Sitharaman To Table New Bill In Lok Sabha Today

Union Finance Minister Nirmala Sitharaman is set to introduce the new Income Tax Bill 2025 in Parliament today, aiming to simplify and overhaul the existing Income Tax Act of 1961. She announced this bill during her budget speech. The current income tax act has been criticized for being complex and difficult to understand, leading to numerous tax-related disputes.

The upcoming bill will potentially have 23 chapters, 16 schedules, and approximately 536 clauses, a significant increase from the previous act’s 298 sections. Notably, the number of chapters remains the same as the current act. The new bill aims to reduce tax-related litigations by making the tax laws more accessible and easier to comprehend.

According to media reports, the new income tax bill will be implemented from April 1, 2026. After its presentation today, the bill will be referred to the standing committee on finance in parliament for the review.

Income Tax Bill 2025 Live Updates