New Delhi, Feb. 13 -- Union Minister Finance Minister Nirmala Sitharaman presented the new Income Tax Bill 2025 in the Lok Sabha on Thursday, February 2025. The proposed bill aims to eliminate intricate language in the existing Act, remove redundant and repetitive provisions, and logically reorganise sections, according to the Finance Ministry.

FM Nirmala Sitharaman urged Lok Sabha Speaker Om Birla to refer the bill to a select committee, which will submit its report by the first day of the next session, scheduled to begin on March 10.

The Income Tax Bill 2025 is the set of laws that enables the Income Tax Department to levy, administer, collect and recover taxes. It has 536 sections, 23 chapters and 16 schedules covering various aspect...