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Feb 13, 2025
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Income Tax Bill 2025: How is the new tax law different from the old one?
The new Income Tax Bill 2025, set to be tabled in Parliament on Thursday, marks a historic moment in India’s tax landscape, as it will replace the current year legislation introduced way back in 1961. The bill, once passed, will come into effect from April 1, 2026.
“Aimed at overhauling the nation’s tax system, the bill seeks to eliminate obsolete sections that have accumulated over decades. Its primary objective is to simplify the tax laws, ensuring they are more transparent, easier to interpret, and taxpayer-friendly. By replacing complex provisions with clearer provisions, it aims to reduce legal disputes and encourage voluntary tax compliance,” says Rohinton Sidhwa, Partner, Deloitte India.
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