India, Feb. 1 -- Finance minister Nirmala Sitharaman presented the Union Budget 2025, introducing a significant tax overhaul. One of the key announcements was the introduction of a new income tax bill aimed at simplifying compliance and reducing litigation. The proposed legislation will cut down tax law chapters and word count by nearly half, making the tax system easier to navigate.

"Over the past 10 years, our government has introduced multiple tax reforms, such as faceless assessments, faster refunds, and the Vivad se Vishwas scheme. In continuation, I reaffirm our commitment to 'trust first, scrutinise later,' and I propose to introduce the new income tax bill next week," Sitharaman said in her budget speech.

The upcoming bill is ex...