India, Aug. 11 -- The Lok Sabha on Monday passed the modified new Income Tax Bill, 2025 and the Taxation Laws (Amendment) Bill, 2025.

The Income Tax (No 2) Bill, 2025, was passed shortly after Finance Minister Nirmala Sitharaman tabled the bill in the house.

The Lok Sabha was adjourned for the day immediately after new Income Tax Bill, 2025 was passed.

The Bill now needs to be passed from the Rajya Sabha and then seek the President's nod.

As per a statement issued by the Indian government, the Income Tax Bill, 2025 seeks to replace the existing Income Tax Act, 1961 which has seen multiple amendments over the years.

It retains basic tax provisions of the existing act and primarily aims to simplify the language and remove redundant pro...