India’s tax system is on the brink of one of its biggest updates in decades. On February 13, 2025, Parliament introduced the Income Tax Bill to replace the long-standing Income Tax Act of 1961, which has now been formally repealed.
But this move is not a rollback — it’s a step towards a more refined and taxpayer-friendly version, which will be reintroduced on August 11, 2025.
The upcoming bill aims to simplify tax laws, remove outdated provisions, and make the system easier to navigate for both individuals and businesses.