New Income Tax Bill 2025 | Tax Law Overhaul | What’s Changing & What to Expect? | Expert Insights

The New Income Tax Bill, set to be presented in Parliament on Thursday, February 13, will span over 622 pages and aims to replace the six-decade-old Income Tax Act of 1961. The proposed legislation will be called the Income Tax Act 2025 and is expected to take effect in April 2026.

The proposed law replaces the term 'previous year' as mentioned in the Income Tax Act, 1961, with 'tax year'. It also eliminates the concept of assessment year.

The Income Tax Bill, 2025 comprises 536 sections, 16 schedules, 23 chapters, and 622 pages.
News9's Shweta Kothari and Kartik Malhotra decodes the new Income Tax Bill with Richa Sawhney, Chartered Accountant, Walker Chandiok & Co Llp and Karanjot Singh, Partner, Lakshmikumaran & Sridharan.


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