Income Tax Bill 2025 Receives President's Assent; Now Its Income Tax Act 2025:

Income Tax Bill 2025 Receives President's Assent; Now Its Income Tax Act 2025 The Income Tax Bill 2025, which was introduced in Lok Sabha on February 13, 2025, has received presidential assent from the Hon'ble President Smt. Droupadi Murmu. With this approval, the Income Tax Bill 2025 has officially become the Income Tax Act, 2025. The Income Tax Bill 2025 was introduced by Finance Minister Nirmala Sitharaman. It aims to simplify the law language and the tax framework in India by replacing the Income Tax Act, 1961. The Bill was later sent to the select committee of the Lok Sabha for a detailed examination. The Select Committee submitted its report, suggesting over 200 changes. The first draft of the Income Tax Bill was formally withdrawn on August 8, 2025, and a new version of the Income Tax Bill 2025 was presented in Parliament on August 11, 2025. Now the Bill has received assent from the President of India, which makes it the Income Tax Act, 2025.