Income Tax Act 1961

New Delhi, February 13, 2025: Union Finance Minister Nirmala Sitharaman will introduce the much-anticipated Income Tax Bill, 2025, in Parliament on February 13. The proposed legislation seeks to replace the outdated Income Tax Act, 1961, which has grown increasingly complex over the decades due to numerous amendments. If passed, the new law will come into effect from April 1, 2026, ushering in a streamlined and modernized tax system. The bill will be referred to the Parliamentary Standing Committee on Finance for further discussion and consultations.The need for a new income tax law stems from the fact that the current Income…