New Income Tax Bill likely to be tabled by Finance Minister Nirmala Sitharaman in Parliament today

Finance Minister Nirmala Sitharaman is set to table the New Income Tax Bill which aims to simplify and modernize Indias tax system. The bill, replacing the Income Tax Act of 1961, will not introduce new taxes but will focus on clearer language, reducing legal complexities and litigation. If passed, it will be effective from the financial year 2025-26.