New Delhi, Aug. 8 -- The Union cabinet on Friday approved the revised Income Tax Bill, 2025, which simplifies India's six-decade-old direct tax law, said two persons familiar with the development.
The revised Bill will be tabled in the Lok Sabha on Monday, the people quoted earlier said. It incorporates most of the recommendations of a select committee of Parliament, chaired by Bharatiya Janata Party MP Baijayant Panda, that reviewed the draft of the proposed law, they said, speaking on the condition of anonymity.
Once passed, it will replace the Income-Tax Act, 1961.
The previous version of the Bill introduced in the Lok Sabha in the Budget session of Parliament on 13 February has been formally withdrawn, they added.
"To avoid confus...
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