New Delhi, Feb. 1 -- The government will introduce a new Income Tax bill in Parliament next week, replacing the six-decade old income tax act of 1961.
Finance Minister Nirmala Sitharaman, in her 2025-26 Budget speech, said the new I-T Bill will carry forward the spirit of "Nyaya" (justice) based on the concept of "trust first, scrutinise later".
"The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation," Sitharaman said.
She said the government has implemented several taxpayer reforms in last 10 years and the new income-tax bill will be introduced next week....