New Income Tax Bill 2025: The simplified Income Tax Bill, half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation, said the Income Tax (I-T) department on Thursday, February 13. According to the government, the bill aims to simplify the tax system based on six core ‘SIMPLE’ principles. The ‘SIMPLE’ is an abbreviation for
The new bill, introduced in the Lok Sabha, has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of sections is 536, as against 819 effective sections in the existing law.
