New Delhi, Feb. 12 -- The New Income Tax Bill, set to be presented in Parliament on Thursday, February 13, will span over 622 pages and aims to replace the six-decade-old Income Tax Act of 1961. Once passed, the proposed legislation will be called the Income Tax Act, 2025, and is expected to take effect in April 2026.

Experts have long criticized the current Income Tax Act for being complex and cumbersome, resulting in numerous legal disputes. The government has recognized the need for a more streamlined direct tax law to reduce ambiguities and provide greater clarity.

The Union Cabinet last week cleared the new Income Tax bill.

Sitharaman had said in her budget speech on February 1 that the bill will be soon introduced in Parliament....