Sweeping Changes: New Income Tax Bill Set to Replace 1961 Act - What You Need to Know
2025-02-10
MSN
In a significant move, the Union Cabinet has cleared a new income tax bill, which is expected to be tabled in Parliament soon by Finance Minister Nirmala Sitharaman. Once passed, this bill will replace the decades-old Income Tax Act of 1961, bringing in a new era of tax reforms and simplification. The new bill aims to provide a more streamlined and efficient tax system, with potential benefits for taxpayers. With the current income tax act being over 60 years old, this new bill is expected to bring significant changes to the taxation landscape in India, including potential tax savings and easier compliance for individuals and businesses alike, under the new tax regime and income tax slabs.
