New Delhi, Feb. 13 -- Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha on Thursday, 13 February. The much-anticipated new Bill will replace terminology like assessment and the previous year with the easier-to-understand 'tax year' as part of a move to simplify language while removing provisos and explanations.

The bill is 622 pages long and comprises 536 sections, 23 chapters, and 16 schedules. It does not introduce new taxes but only simplifies the language of the existing Income Tax Act of 1961, which has 298 sections and 14 schedules.

1) The bill's simple language will help reduce tax litigation, benefiting taxpayers and the tax department equally.

"Moreover, the language used in the bill is s...