he New Income Tax Bill was presented in the Lok Sabha on 13th February 2025, aiming to replace the intricate Income Tax Act of 1961 with a more simplified framework. Over the years, the Act has been modified annually through the Union Budget, leading to significant transformations, including changes in tax rates, the introduction of new provisions, and the revision of exemptions.
With decades of amendments, the existing law has deviated substantially from its original structure. Recognizing this, tax experts and taxpayers have long advocated for a comprehensive overhaul—one that consolidates existing provisions while introducing a modernized approach. If enacted, the new law will come into effect on 1st April 2026.