New Income Tax Bill 2025: Key changes explained

The Income Tax Bill 2025 has been tabled in Lok Sabha, marking a step toward restructuring India's tax framework. The bill, set to replace the Income Tax Act of 1961, introduces 536 sections compared to the existing 819 sections. Here are some of the key takeaways from the new bill: 1. 'Tax year' to replace 'assessment year' and 'previous year' Currently, India's tax system works on two different time periods: Previous year - The financial year (April 1 to March 31) in which income is earned. Assessmen