New Income Tax Bill 2025 Highlights: Union Finance Minister Nirmala Sitharaman presented the new Income-Tax Bill 2025 in Lok Sabha on Thursday. The I-T bill was announced during her Budget speech on February 1 and was approved by the Cabinet on February 7.

The new Income Tax Bill 2025 was tabled in the Lok Sabha on February 13, following which the Opposition MPs staged a walkout.

Finance Minister Nirmala Sitharaman has introduced the new income tax in Parliament today. The new Income Tax Bill will replace the Income Tax Act of 1961. The new tax bill is being brought to simplify the tax laws and remove obsolete and redundant laws.

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in Lok Sabha, aiming to replace the 1961 Act. Set for implementation in April 2026, it seeks to simplify and consolidate tax laws,

While moving the Bill for introduction, Sitharaman urged Birla to refer the draft law to a select committee of the House, which will submit its report by the first day of the next session.

Finance minister Nirmala Sitharaman defended the income tax relief for the 2025-26 budget, highlighting its benefits for all income groups, with higher savings for lower earners. She introduced a bill to simplify the tax regime,

The budget is expected to contain measures to shore up weakening economic growth and ease the burden on the middle class struggling with high prices and stagnant wage growth while being fiscally prudent.

India will introduce a new condensed version of its income tax law in the lower house of the Parliament on Thursday, which aims to simplify the six decades old rules that have led to a slew of litigations.