New Delhi, Feb. 12 -- Amid the new Income Tax Bill 2025, we answer several FAQs on tax slabs, the old vs. new regime, the new income tax rules, exemption limits, and more.

The new Income-Tax (I-T) Bill, announced by Finance Minister Nirmala Sitharaman during her Budget speech on February 1, is likely to be tabled in the Lok Sabha on Thursday, as per reports.

The New Income Tax Bill will span over 622 pages and aims to replace the 60-year-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.

It was approved by the Union Cabinet on February 7. After it was passed by the Lok Sabha, the bill will be sent to the Parliament's Standing Committee...