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of The proposed Income Tax Bill 2025 aims to replace the Income Tax Act 1961 with a modernized and streamlined tax framework comprising 536 sections across 23 chapters. Key reforms include elimination of the previous year/assessment year distinction in favor of a single 'tax year' concept, expanded CBDT authority for independent tax administration, and clearer provisions for ESOP taxation. The simplified legislation incorporates judicial precedents from past 60 years while reducing total page count to 622 from the original Act's 880 pages. Notable structural changes include expansion to 16 schedules, enhanced digital governance mechanisms, and empowerment of CBDT under Clause 533 to implement compliance frameworks without requiring parliamentary amendments. The bill aims to reduce litigation and provide greater tax certainty through clearer language and modernized provisions.
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