New Delhi, Feb. 23 -- Union Finance Minister Nirmala Sitharaman on Feb 13 tabled the new Income Tax Bill in the Parliament. This was a landmark move as the entire 64-year-old income tax law was overhauled and the older complex provisions were made simpler and lucid amid much fanfare.

One of the key arguments given by the Finance Minister was that the new legislation will reduce the scope of litigation because it is simple to understand leading to tax certainty.

While the existing law has 823 pages as amended in 2024 whereas the new income tax bill is spread across 622 pages. So, the new law is shorter by 201 pages. There are several redundancies and cross referencing which have been removed. Among several changes which drew praise from ...