Current Affairs - Bills and Acts - Discussion

The Income Tax Act, of 1961, has been the primary framework for taxation in India and has undergone more than 4,000 amendments since its enactment. The Finance Minister's proposal to introduce the Income Tax Bill 2025 aims to simplify and streamline this existing Act, which has grown increasingly complex over the years. The new Bill aims to reduce its word count and simplify terminology, thus reducing confusion for taxpayers and tax authorities alike while improving compliance and efficiency. The Act's original version was passed in 1961.