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of <h1>New Income Tax Bill to Simplify 1961 Act, Update Rates and Slabs, Enhance Clarity Without New Taxes.</h1> The new income tax bill, set to be introduced in Parliament, aims to simplify the existing tax law by eliminating long sentences, provisos, and explanations. It will replace the outdated Income Tax Act of 1961 and incorporate recent changes in tax rates, slabs, and TDS provisions announced in the 2025-26 Budget. The bill, drafted within six months, focuses on clarity and accessibility for citizens, without imposing new taxes or significant policy changes. It is expected to be discussed in a Cabinet meeting soon, with the goal of creating a more straightforward legal framework for taxpayers.
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