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."

Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House. Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.

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.

Union Finance Minister Nirmala Sitharaman on Thursday introduced Income Tax Bill in Lok Sabha.  The Centre is keen on detailed consultations, and the bill is expected to be referred to a Select Committee for further examination.

The first sitting of the Budget Session will end Thursday. Finance Minister Nirmala Sitharaman is scheduled to present the Income Tax Bill, 2025, according to the agenda circulated by the Lok Sabha secretariat. Both houses of Parliament are reconvening after taking a break on February 12 to observe Guru Ravidas Jayanti.

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Following cabinet approval, the new Income Tax Bill was introduced in Parliament on Thursday by Nirmala Sitharaman. This bill replaces the Income Tax Act of 1961 and aims to simplify India's tax system.

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