The New Income Tax Bill — to be called the Income-Tax Act, 2025, once passed – is set to be presented in Parliament on February 13, and aims to replace the six-decade-old Income Tax Act of 1961. It will extend to the whole of India and shall come into force on the 1st April, 2026. The Bill aims to simplify and modernize India’s tax structure, making compliance easier for taxpayers while ensuring a fair and transparent system. “Looking at the space occupied by the New Income Tax Bill, which is spread over 622 pages against the existing Income Tax Act which runs into 1647 pages, is itself a sign of attempt towards simplucation,” said Balwant Jain, a tax and investment expert. The new bill runs into 536 sections against 298 existing sections.