New Income Tax Bill, 2025: The Centre has taken a big step towards making the tax system simple and transparent in the country. The Modi government introduced the ‘Income Tax Bill, 2025’ in Parliament during the budget session this year to replace the existing Income Tax Act, 1961. This Bill, after being introduced in the Lok Sabha in February this year, was sent to the Select Committee of the Lok Sabha. The panel recently submitted an over 4,500-page report with observations and suggestions on the Bill to the government. Now, the government has plans to table the Bill in the ongoing monsoon session of Parliament on August 11. Experts are of the view that this Bill once passed will be the biggest change in India’s tax system after decades.