Income Tax Act 2025, Aug. 25 -- The new Income Tax (I-T) law got the president's assent on Friday. The revised legislation is a simpler and refined version of the existing Income Tax Act, 1961.

When Finance Minister Nirmala Sitharaman announced the new Income Tax (I-T) Act during the Budget speech on 1 February 2025, she stated that the new income-tax bill will carry forward the same spirit of Nyaya (justice).

"The new bill will be clear and direct in text, with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation," she said during the budget speech in Parliament.

The new law differs from the existing ...