Simplified Income Tax Bill to Be Tabled in Parliament's Monsoon Session

A parliamentary committee's report on the new Income Tax Bill, 2025, is scheduled to be tabled in the Lok Sabha on July 21. The bill aims to replace the complex, six-decade-old Income Tax Act with a simplified law that is half its size. By reducing sections from 819 to 536 and using plainer language, the reform seeks to enhance tax certainty, minimise litigation, and streamline compliance for all taxpayers, marking a significant overhaul of India's direct tax system.