New Income Tax Bill, half the size of 1961 I-T Act, built on core ‘SIMPLE’ principles

New Income Tax Bill 2025: The simplified Income Tax Bill, half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation, said the Income Tax (I-T) department on Thursday, February 13.

According to the I-T department, the tax bill aims to simplify the tax system based on six core ‘SIMPLE’ principles, with ‘SIMPLE’ being an abbreviation for the fundamentals on which the bill is based.

Earlier today, the I-T department took to microblogging platform ‘X’ (formerly Twitter) and said, "The Income-Tax Bill 2025 has been introduced in the Lok Sabha today.