Income Tax (No.2) Bill passes Lok Sabha; what's in new 'SIMPLE' law?

The Income Tax (No. 2) Bill, 2025 has been passed in the Lok Sabha, introducing the government’s new ‘S.I.M.P.L.E’ framework designed to make tax compliance easier and more transparent. The initiative focuses on simplifying filing processes, expanding the tax base, reducing paperwork, and modernising assessments through digital tools. According to the Finance Ministry, the changes aim to cut litigation, promote fairness, and improve efficiency in tax administration. While some opposition leaders voiced concerns over compliance timelines and the possible impact on small taxpayers, the government maintains that the law will speed up procedures, enhance transparency, and support its broader agenda of improving the ease of doing business in India.