Cabinet clears new income tax bill

The Union Cabinet on Friday (February 7, 2025) approved the new income tax bill, which will replace the six decades old I-T Act, sources said.

The new bill seeks to make direct tax law simple to understand and not to impose any new tax burden. It will not have provisos and explanations or long sentences.

The Cabinet, chaired by Prime Minister Narendra Modi, approved the New Income Tax Bill, sources said.