New Income Tax Bill 2025 LIVE Updates: Union Finance Minister Nirmala Sitharaman has presented the new Income-Tax Bill 2025 in Lok Sabha. The I-T bill was announced during her Budget speech on February 1 and was approved by the Cabinet on February 7.

Finance Minister Nirmala Sitharaman presented the new Income Tax Bill In Lok Sabha on Thursday, which will replace the Income Tax Act, 1961. The finance minister said, "We are reducing the number of income tax sections to 536." She added that substantial changes are being made to the income tax bill, with a reduction in the number of chapters.

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

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."

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.

To make laws concise, clear and easier to understand the word count in the Bill reduced from over five lakh in the correct Act to around 260,000 and the number of pages to 622 from 823

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.

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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.