New Delhi, Feb. 3 -- After the revision in tax slabs in the Union Budget 2025-26 to leave 'enough money in the hands' of taxpayers, the government is likely to unveil the much-anticipated draft of the new Income Tax Bill on February 6.

The proposed bill aims to bring sweeping reforms to the current Income Tax Act and could potentially see up to 3 lakh words slashed from the near 6 lakh words at present.

According to a report in NDTV profit on Monday, citing people in the know, the draft bill is likely to provide directions to widen the tax net, given the contraction in the tax base following the new exemption limits.

Union Finance Minister Nirmala Sitharaman, in her post-Budget press conference, said about 1 crore taxpayers will be dir...