<h1>Simplified Income Tax Bill 2025 Aims to Streamline Tax Code, Introduces 'Tax Year', and Includes a 'Taxpayer's Charter'</h1> The Simplified Income Tax Bill 2025 introduces the concept of a 'tax year' while eliminating the terms 'previous' and 'assessment years', aiming to replace the outdated Income Tax Act of 1961. Comprising 536 sections, 23 chapters, and 16 schedules over 622 pages, the Bill seeks to streamline and simplify the language of the existing law without introducing new taxes. It removes redundant sections and uses clearer language, tables, and formulae for better comprehension. The Bill includes a 'Taxpayer's Charter' and consolidates TDS-related sections. It is expected to take effect from April 1, 2026, pending parliamentary approval.