<h1>Income Tax Bill 2025 to Replace 1961 Act, Introduces Single Tax Year, Expands CBDT Powers for Streamlined Governance.</h1> The new Income Tax Bill 2025, comprising 536 sections and 23 chapters over 622 pages, is set to be introduced in the Lok Sabha, replacing the 1961 Income Tax Act. The bill simplifies tax administration by eliminating the concepts of 'previous year' and 'assessment year,' adopting a single 'tax year' approach. It increases the number of schedules from 14 to 16 and empowers the Central Board of Direct Taxes (CBDT) to independently manage tax schemes and compliance frameworks, reducing bureaucratic delays. The bill aims to streamline tax governance, incorporate modern compliance mechanisms, and reduce litigation by clarifying tax treatments and including judicial pronouncements.