New Delhi, Feb. 13 -- The government is set to introduce the Income Tax Bill, 2025, in parliament on Thursday, seeking to replace a six-decade-old law with a crisper and shorter statute. Mint looks at what to expect from the bill and what it means for taxpayers and investors.

The new Income Tax Bill is a key element of the set of reforms announced in finance minister Nirmala Sitharaman's budget speech this year. It is in addition to reforms planned for the power sector, urban development, mining, the financial sector and the regulatory framework.

Tabling the bill in the current session of parliament signals the government's intent to make a "soft touch" regulatory framework. According to Sitharaman, the new statute will be simple to und...