Union Finance Minister Nirmala Sitharaman on Thursday presented the New Income Tax Bill in the Lok Sabha. The bill aims to consolidate and amend the existing income-tax laws in order to bring potential changes to the country's tax framework.
The new Income Tax Bill will replace the six-decade-old Income Tax Act of 1961. The Income Tax Bill, 2025 comprises 536 sections, higher than 298 sections of the current Income-Tax Act, 1961. The existing law has 14 schedules which will increase to 16 in the new legislation.
