Finance Minister Nirmala Sitharaman tabled the new income tax bill - which she had mentioned in her Budget speech on February 1, and which is expected to reduce the jargon in the Income-Tax Act of 1961,

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, aiming to simplify tax terminology and reduce legal sections. Despite opposition, the bill was moved to a House committee for further consideration.

The new Income Tax Bill 2025 was tabled in the Lok Sabha on February 13, following which the Opposition MPs staged a walkout.

The objective of the new Bill is to streamline the Income Tax Act, making it more succinct, understandable, and user-friendly.

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in Lok Sabha, aiming to replace the 1961 Act. Set for implementation in April 2026, it seeks to simplify and consolidate tax laws,

To make laws concise, clear and easier to understand the word count in the Bill reduced from over five lakh in the correct Act to around 260,000 and the number of pages to 622 from 823

The Income Tax Act 1961 had 5.12 lakh words across 17 chapters and 819 sections. It features a total of 18 tables and also had priviso's and explanations. The new Income Tax Bill 2025, on the other hand, has 2.6 lakh words, 23 chapters, 536 sections and 57 tables. It does not feature priviso's and explanations.

India will introduce a new condensed version of its income tax law in the lower house of the Parliament on Thursday, which aims to simplify the six decades old rules that have led to a slew of litigations.