India, Feb. 12 -- The Centre plans to table the new Income Tax Bill 2025 in the Parliament on February 13. The new bill, a copy of which has been published by the government, aims to simplify the terminology used in tax laws in India. It will make tax filing easier for the general public and may even encourage people to begin paying taxes.

Financial year: It begins on April 1 of a particular year and ends on March 31 of the following year. This means that for FY25, which is currently ongoing, the time period began on April 1, 2024 and till end on March 31, 2025.

For tax purposes, whatever an individual or an entity (company or organisation) earns between this time period will be considered their income. Thus, tax will be calculated base...