India, Aug. 11 -- The Lok Sabha on Monday passed the Income Tax Bill 2025 after it included "almost all of the recommendations of the Select Committee". Union finance minister Nirmala Sitharaman said the new income tax bill seeks to consolidate and amend the laws on the subject, and will replace the 1961 act.

Next, it goes to the Rajya Sabha and, if and when cleared there, to the President for a formal nod.

The bill, in its original form, was introduced in February and then referred to a Parliamentary Select Committee for review. The committee submitted its recommendations on July 21. A modified bill was thus introduced on Monday, August 11.

Parliamentary affairs minister Kiren Rijiju earlier addressed apprehensions after the withdrawa...