New Delhi, Feb. 13 -- Finance Minister Nirmala Sitharaman on Thursday introduced the Income-Tax Bill, 2025 in the Lok Sabha that seeks to repeal the Income-tax Act, 1961 and re-enact the proposed legislation so that no additional expenditure of significance, apart from what is being spent on the administration of the said Act, is contemplated by reason merely of the passing of this Bill. While introducing the bill, Sitharaman said that the bill will consolidate and amend the law relating to Income Tax. The Income-tax Act passed in 1961 has been subjected to numerous amendments since its passage sixty years ago. As a result of these amendments, the basic structure of the Income-tax Act has been overburdened, and language has become complex, ...