The monsoon session of Parliament is usually convene in July and runs through August.The simplified Income Tax Bill, which is half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation, the Income Tax department had earlier said.The new bill has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act.The number of sections is 536 against 819 effective sections in the existing law.The number of chapters has also been halved to 23 from 47.The Income Tax Bill 2025 has 57 tables compared to 18 in the existing Act and removed 1,200 provisos and 900 explanations.
Source link
