What is the New Income Tax Bill 2025? Income Tax Act 1961 to be replaced; top points taxpayers should know

New Income Tax Bill 2025: The Lok Sabha has passed the New Income Tax Bill 2025, a major overhaul aimed at simplifying tax procedures for individuals and corporations. The revised bill, incorporating recommendations from a Parliamentary Select Committee, reduces text volume, streamlines the taxation timeline, and clarifies provisions for refunds and deductions.