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The new tax law will be effective from April 1, 2026.
What is the main aim of the New Income Tax Bill?
It aims to simplify tax laws, reduce sections by about 50%, and ensure transparent, faceless digital compliance.
How have the income tax slabs changed?
The revised slabs start with nil tax up to ₹4,00,000 and go up to 30% for income above ₹24,00,000.
Will refunds be allowed for late return filings?
Yes, taxpayers can claim refunds even if returns are filed after the deadline, under certain conditions.
New Income Tax Bill 2025 Passed, Check History, Objectives and Features
New Income Tax Bill was introduced in the parliament on August 11, 2025. It aims to simplify and replace the old 1961 Act. The law is set to become effective from April 2026 with faceless assessment and digital compliance.
Subham Sahoo13 Aug, 2025
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New Income Tax Bill 2025 in India represents a change in the country’s direct tax environment. The bill was introduced by Finance Minister Nirmala Sitharaman on August 11, 2025. It is set to replace the Income Tax Act of 1961. The bill was drafted based on the recommendations of a parliamentary select committee seeking to streamline tax laws and update compliance.
BJP Member Baijayant Panda was the chairman of the Parliament Select Committee, which proposed 285 suggestions to simplify and update the taxation system in India.
What is the New Income Tax Regime in 2025?
The New Income Tax Bill 2025 facilitates the faceless collection of information and evaluation to minimize personal interface and ensure transparent digital proceedings. It is an attempt towards harmonized assessment timelines for improved compliance and fewer litigations. The improved rules under the New Income Tax Bill and more precise definitions seek to reduce ambiguities and court challenges. The revised income tax slabs under the bill can be summarized as follows:
New Income Tax Regime in 2025
Annual Income
Rates
Up to ₹4,00,000
Nil
₹4,00,001 to ₹8,00,000
5%
₹8,00,001 to ₹12,00,000
10%
₹12,00,001 to ₹16,00,000
15%
₹16,00,001 to ₹20,00,000
20%
₹20,00,001 to ₹24,00,000
25%
Above ₹24,00,000
30%
New Income Tax Bill 2025 PDF Download
Introduced by Finance Minister Nirmala Sitharaman on August 11, 2025, the New Income Tax Bill PDF can be downloaded from the official website of the Ministry of Finance, Government of India. The PDF can also be downloaded from the link provided below:
New Income Tax Bill Objectives
The New Income Tax Bill was introduced by Finance Minister Nirmala Sitharaman on August 11, 2025, to replace the 65-year-old Income Tax Act, 1961, which has become obsolete and cumbersome owing to decades of amendments and changes. The New Income Tax Bill Summary is as follows:
It aims to reduce the text volume and sections by 50% approximately and present the provisions in a simple and comprehensible manner.
It has simplified the taxation deadline by reducing the distinction between the previous and assessment year. The concept of a unified ‘tax year’ is also introduced.
There are provisions for taxpayers to claim refunds even when submissions are done post deadlines. This will provide relief to individuals filing their IT returns.
According to various tax experts, the proposed reforms would simplify compliance procedures for individuals, organizations, and MSMEs and foster a reliable and simple taxation framework.
The New Income Tax Bill also seeks to remove unnecessary and duplicate clauses for improved navigation and to reorganize sectors systematically for easier reference.
New Income Tax Bill Objectives
The New Income Tax Bill was introduced by Finance Minister Nirmala Sitharaman on August 11, 2025, to replace the 65-year-old Income Tax Act, 1961, which has become obsolete and cumbersome owing to decades of amendments and changes. The New Income Tax Bill Summary is as follows:
It aims to reduce the text volume and sections by 50% approximately and present the provisions in a simple and comprehensible manner.
It has simplified the taxation deadline by reducing the distinction between the previous and assessment year. The concept of a unified ‘tax year’ is also introduced.
There are provisions for taxpayers to claim refunds even when submissions are done post deadlines. This will provide relief to individuals filing their IT returns.
According to various tax experts, the proposed reforms would simplify compliance procedures for individuals, organizations, and MSMEs and foster a reliable and simple taxation framework.
The New Income Tax Bill also seeks to remove unnecessary and duplicate clauses for improved navigation and to reorganize sectors systematically for easier reference.
New Income Tax Bill Summary
Apart from replacing the old Income Tax Act of 1961, the revised IT bill has also proposed several other specifications and changes. These changes are provided below:
The bill has kept the continuing provisions for carrying forward losses and provides tax relief for anonymous donations made to religious trusts.
The timeline for submitting the TDS corrections has been reduced to two years. Earlier, the timeline for submission under the Income Tax Act of 1961 was six years..
The updated bill employs simple terminology to enhance accessibility and will eliminate outdated provisions to provide better clarity.
Clause 187 of the Bill has been expanded by the incorporation of the term ‘profession’ following ‘business’, which will allow professionals with total receipts surpassing INR 50 crore yearly to access prescribed electronic payment methods.
New Income Tax Bill Features
The New Income Tax Bill introduced in the Parliament seeks to address the issues with the old Income Tax Act of 1961. There were 285 recommendations proposed by the Parliamentary Select Committee, and all these recommendations are set to become effective from April 1, 2026. The features of the New Income Tax Bill are summarized in the table given below:
New Income Tax Bill Features
Particulars
Income Tax Act, 1961
Income Tax Bill, 2025
Structure
Dispersed, complex, 75-year-old
Simplified, grouped, clearly-worded
Tax Slabs
Multiple, less progressive
Raised limits, new progressive bands
Deductions
Fragmented, confusing
Standardized, clear rules for deductions
Capital Gains
Vague on digital assets
Cryptocurrencies, digital assets now fully defined
MSME Definitions
Different from the official MSME Act
Aligned with the MSME Act
Compliance
Paper-driven, manual interface
Faceless, digital-first processes
Asset Valuation
Occasional ambiguity
Clearer valuation rules, vacant relief
Refund Policy
Refund denied for late returns
Refund granted for late returns in valid circumstances
