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. “It seems complicated provisions have been broken into small and simple sections for easy interpretation and implementation. Against the existing 52 chapters, the bill has only 23 chapters, indicating that redundant chapters have been removed and cohesive matters have been clubbed together to make them simple,” added Jain.
Moreover, the language used in the bill is simple compared to the existing Act which sometimes becomes difficult to understand and is open to different interpretations. The simple language of the bill will help reduce tax litigation, benefiting both the taxpayers and the tax department equally.
(1) For the purposes of this Act, “tax year” means the twelve months period of the financial year commencing on the 1st April.
(2) In the case of a business or profession newly set up, or a source of income newly coming into existence in any financial year, the tax year shall be the period beginning with—
(a) the date of setting up of such business or profession; or
(b) the date on which such source of income newly comes into existence, and, ending with the said financial year.
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