India, Feb. 14 -- Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in Parliament on Thursday. This new bill aims to replace the Income Tax Act, 1961, which has become cumbersome due to numerous amendments over the last six decades. The bill focuses on simplification, clarity and ease of compliance for taxpayers while retaining the fundamental structure of the tax system. The bill consists of 536 sections, 23 chapters and 16 schedules within 622 pages, making it significantly more concise than the 880-page 1961 Act. One of the major changes is the replacement of the term 'previous year' and 'assessment year' with 'tax year,' eliminating confusion regarding tax filing timelines. To further enhance clarity, ambiguous t...