Union Budget 2025, Feb. 1 -- During her presentation of the Union Budget for 2025-26, Finance Minister Nirmala Sitharaman announced the introduction of a new Income Tax Bill, which aims to simplify and clarify the existing tax framework. "New Income Tax bill will be clear and direct", FM Sitharaman said.

Nirmala Sitharaman announced plans to introduce a new Income Tax Bill during her presentation of the Union Budget for 2025-26 in Parliament on Saturday.

This Income Tax bill, expected to be based on the Direct Tax Code (DTC), seeks to replace the outdated Income Tax Act of 1961, potentially reducing its complexity by up to 60%. Sitharaman highlighted that the new legislation will focus on making tax compliance more accessible for indivi...