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Revamped Income-Tax Bill 2025 introduced in Parliament
The government is rolling out a revamped Income-Tax Bill in Parliament, aiming to finally replace the old 1961 law.
This update is all about making taxes simpler, less confusing, and more in tune with what taxpayers actually need.
Highlights of the bill
The bill slashes the number of sections and chapters, so navigating taxes should be way easier.
It introduces a single "tax year" system (goodbye to juggling dual years), digitizes compliance to cut down errors, and brings in better ways to settle disputes.
Plus, there are fresh perks for homeowners and small taxpayers—all while keeping current tax rates unchanged.