Government is likely to table over 600-page long New Income Tax Bill in Parliament on Thursday:

Government is likely to table over 600-page long New Income Tax Bill in Parliament on Thursday The government plans to introduce the much-anticipated New Income Tax Bill in Parliament on Thursday (February 13), said the sources. The proposed legislation covers over 600 pages and intends to replace the Income Tax Act of 1961, which is six decades old, the sources further said. According to sources, once passed, the new law will be known as the Income Tax Act of 2025. Experts have long condemned the present Income Tax Act as complex and burdensome, resulting in legal disputes. The government recognizes the need for a more streamlined direct tax law to reduce ambiguity and assure clarity. According to sources, the bill's primary goal is to make compliance easier. The new framework will minimize paperwork, connect digital platforms, and simplify return filing procedures, easing the burden on taxpayers. The government hopes the new law to modernize India's tax system, making it more efficient and user-friendly.