Parliament Clears New I-T Bill, to Replace Six-Decade-Old Law

PARLIAMENT ON TUESDAY passed a new income-tax Bill to replace the six-decade-old Income Tax Act, 1961, that will come into force from April 1, 2026.

- PRESS TRUST OF INDIA

Piloting the Income Tax Bill, 2025, in the Rajya Sabha, finance minister Nirmala Sitharaman said it does not impose any new tax rate and only simplifies the language, which is required for understanding the complex income tax laws.