New Delhi, Aug. 12 -- Parliament passes new Income Tax Bill to replace IT Act, 1961.

The Income Tax Bill, once enacted, will replace the archaic 6-decade-old income tax law. The legislation will make tax law simple by reducing the number of chapters and wordage.

Lok Sabha passes new Income Tax Bill in just 3 minutes

The Income Tax Bill (No.2) 2025 - a major legislative move to replace the 63-year-old law governing income taxation for individuals and corporations - was passed in the Lok Sabha on Monday in just three minutes, without any debate.

The Bill, which streamlines TDS, exemptions and other compliance-heavy provisions as also allows individuals to claim refunds without penalty on delayed filings, was passed as the opposition par...