India, Feb. 13 -- New Delhi Finance minister Nirmala Sitharaman is expected to introduce the Income-Tax (I-T) Bill, 2025 in the Lok Sabha on Thursday, with the emphasis being on clarity and simplicity. The law aims to repeal redundant provisions of existing act and introduce new features such as provisions for low tax rates for cooperatives, tax on crypto-assets, incentives for start-ups, clarity on non-resident taxation, definition of capital gains, and the concept of a "tax year" to replace the confusing term "assessment year".

According to people familiar with the matter, the bill is 622 pages long and has 23 chapters, 16 schedules and 536 clauses. The current Income Tax Act, as amended in 2024 is 823 pages long, and has 23 chapters (...