New Delhi, Feb. 13 -- The government on Thursday tabled the New Income Tax Bill, 2025, which aims to simplify tax laws, modernize definitions, and provide more clarity on various tax-related matters.

This new bill, tabled in Lok Sabha by Finance Minister Nirmala Sitharaman, seeks to replace the existing Income Tax Act, 1961 and introduce changes that affect different categories of taxpayers, including individuals, businesses, and non-profit organizations.

After presenting the income tax bill the Finance Minister asked Lok Sabha Speaker to nominate members for a standing committee to reviewing the newly tabled income tax bill

One of the significant changes in the new bill is the introduction of simplified language and modern terminology...