New Delhi, February 12: The Income Tax Bill, 2025, which seeks to replace the Income Tax, 1961, will be introduced in Parliament on Thursday.

Following are the highlights of the new bill:

* Income Tax Bill, 2025, simplifies language, omits redundant provisions, uses shorter sentences;

* The Bill does not impose any new taxes, only puts together the taxability provisions provided in the Income Tax Act, 1961;

* Comprises 536 sections, 23 chapters and 16 schedules in just 622 pages. This compares with 298 sections, 23 chapters and 14 schedules in the 1961 Act;

* New law to come into effect from April 1, 2026; rules to be put in place once Act is notified;

* Includes both old tax regime and new tax regime for individuals, HUFs and others;

* 'Tax year' concept introduced, complicated terms like 'Previous year' and 'Assessment year' omitted in the new Bill;

* The word 'notwithstanding' removed, replaced with 'irrespective';

* Does not refer to 'explanations or provisos', instead uses tables and formulae;

* Taxpayer's Charter, which outlines the rights and obligations of taxpayers, included in the Bill;슬롯 머신 사이트 추천622 Pages, 23 Chapters, 536 Sections: New Income Tax Bill 2025 Likely To Be Tabled in Parliament by Nirmala Sitharaman on February 13.

* The Bill provides for special provision for capital gains computation in case of market-linked debenture;

* Income not forming part of total income moved to Schedules to simplify the statute;

* Deductions from salaries such as standard deduction, gratuity, leave encashment etc, tabulated at one place, instead of being scattered over different sections/rules.