New Delhi, Feb. 13 -- Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes. The legislation will replace the Income Tax Act, 1961, which has grown extensively due to numerous modifications carried out over six decades.

The Bill will be sent to the Select Committee of Parliament before it comes up for final approval in Parliament. The new law is expected to take effect on April 1, 2026. The first part of the Budget Session of Parliament also came to an end on Thursday and the second part of the session will resume on March 10. The Budget Ses...