India, Feb. 13 -- Finance Minister Nirmala Sitharaman tabled the Income Tax Bill 2025 in the Lok Sabha on February 13. Apart from simplifying the terminology used in the tax laws in India, the bill has changed a lot of other things.

Amid criticism from Opposition MPs on the need for the introduction of the new bill, the Centre shared a list of reasons.

The previous Income Tax Act was passed in 1961 and enacted in 1962. It had 47 chapters and 819 sections and was amended 65 times. Explaining why the Income Tax Act 1961 became "bulky", the Income Tax Department said it had traditional drafting and numerous amendments. It said that the new act was needed to keep pace with judicial pronouncements.

The old act had multiple amendments as the...