Income Tax Bill 2025, Feb. 13 -- Finance Minister Nirmala Sitharaman tabled the new direct tax code or the new Income Tax Bill 2025 in Lok Sabha on Thursday.

This development will be a stepping stone in implementing a new act to replace the 60-year-old Income Tax Act of 1961. The proposed legislation will be called the Income Tax Act 2025 and is expected to be implemented in April 2026. The bill aims to consolidate and amend the country's taxation laws.

"Smt. Nirmala Sitharaman to move for leave to introduce a bill to consolidate and amend the law relating to income-tax," official list of business for the parliament session scheduled for Thursday reads.

Although the Income Tax Bill 2025 has been introduced in the Lok Sabha, it will tak...