The Indian government is set to introduce the New Income Tax Bill 2025, replacing the 60-year-old Income Tax Act, 1961. One of the major changes is the replacement of 'previous year' and 'assessment year' with a single 'tax year', aiming to simplify tax filing. Additionally, the CBDT (Central Board of Direct Taxes) has been empowered to introduce tax administration rules and compliance measures without requiring frequent legislative amendments.
With 536 sections, 23 chapters, and 16 schedules, the new bill is designed to streamline tax governance, reduce litigation, and enhance digital tax monitoring. The bill is expected to be presented in Lok Sabha on February 15, 2025, followed by a parliamentary review and public input for further improvements.
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