New Income Tax Bill may be approved by Cabinet tomorrow; says Report:

New Income Tax Bill may be approved by Cabinet tomorrow; says Report The new direct tax code, also known as the new income tax bill, may receive cabinet approval on Friday, February 7, according to sources. The Union Finance Minister Nirmala Sitharaman announced in her Union Budget 2025 that the Centre would introduce a new income tax bill. The new income tax act will strive to replace the obsolete Income Tax Act of 1961 while also simplifying words and sections. During her presentation of the Union Budget for 2025-26, Finance Minister Nirmala Sitharaman announced the launch of a new Income Tax Bill aimed at simplifying and clarifying the current tax framework. "The new income tax bill will be clear and direct," FM Sitharaman remarked.