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Lok Sabha passes new Income Tax Bill
Big update from Parliament: the Lok Sabha has passed a new Income Tax Bill to replace the old 1961 law.
This revised bill, first introduced on February 13, 2024, and tweaked after feedback, is meant to fix outdated rules and clear up confusion in the tax system.
Finance Minister Nirmala Sitharaman shared that these changes bring much-needed clarity and align tax laws with today's realities.
Why it matters
If you're wondering why it matters: this is the biggest overhaul of India's income tax rules in over 60 years.
The new bill should make taxes simpler to understand for everyone—including lawmakers—and better reflect how people actually earn and spend money now.
Next stop: Rajya Sabha, where it'll be reviewed before becoming law.