New Income Tax Bill, 2025: Parliamentary panel report to be tabled in Lok Sabha on Monday

A parliamentary committee's report on the new Income Tax Bill, 2025, set to replace the 1961 Act, will be tabled in the Lok Sabha on Monday. The bill aims to simplify tax processes, reduce litigation, and enhance clarity. With fewer words, sections, and chapters, it introduces taxpayer-friendly changes like replacing 'previous year' with 'tax year'.