Parliament passes new Income Tax Bill: Rajya Sabha clears it by voice vote; to replace Income Tax Act 1961

The Parliament approved the New Income Tax Bill, 2025, replacing the Income Tax Act, 1961, with the Rajya Sabha’s approval. The bill aims to simplify tax procedures, reduce compliance burdens, and modernise outdated provisions. Sitharaman highlighted the bill’s simplified language and incorporated recommendations from the Parliamentary Select Committee, while criticising the opposition’s absence during debates.