New Delhi, Feb. 13 -- Joint Parliamentary Committee report on Waqf (Amendment) Bill tabled; Opposition walks out

Union Finance Minister Nirmala Sitharaman presented the new Income Tax Bill, 2025, in Lok Sabha this afternoon. The Bill aims to simplify tax laws, eliminate outdated provisions, and ease compliance.

The key highlight of the Income Tax Bill 2025 is that it will consolidate India's taxation laws and simplify them for taxpayers. The new tax code will remove several 'obsolete' sections of the existing Income Tax Act, reduce litigation, and improve compliance. The new Income Tax law will also simplify tax laws to make them more transparent and taxpayer-friendly.

If approved, it will replace the Income Tax Act of 1961 and come in...