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of <h1>New Income-tax Bill 2025 to Simplify Tax Code, Replacing Complex 1961 Act and Reducing Compliance Costs.</h1> The Income-tax Bill, 2025 aims to repeal and replace the Income-tax Act of 1961, which has become overly complex due to numerous amendments over the years. This complexity has increased compliance costs and hindered the efficiency of tax administration. In response to concerns from tax administrators, practitioners, and taxpayers, the government announced a comprehensive review of the Act in July 2024 to simplify its structure and language. The President has recommended the introduction and consideration of the Bill in the Lok Sabha, aligning with constitutional provisions.
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