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New Income Tax Bill 2025 Passed: Parliament on Tuesday passed a new income tax Bill to replace the six-decade-old Income Tax Act, 1961. The new Bill removes redundant provisions and archaic language, and is likely to come into effect from April 1, 2026,
Speaking in the Rajya Sabha, Finance Minister Nirmala Sitharaman said, “This leaner and more focused law is designed to make it easy to read, understand and implement.”
The new Income-tax Bill, 2025 was first introduced in February, and then sent to a Parliament Select Committee. On August 12, the government introduced a new version, the Income-Tax (No.2) Bill, 2025, incorporating most recommendations of the Committee.
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