<h1>New Income Tax Bill 2025 Introduces 'Tax Year,' Simplifies Laws, and Includes Taxpayer's Charter to Enhance Clarity</h1> The new Income Tax Bill, 2025, aims to simplify India's tax laws by introducing the concept of a 'tax year' to replace the terms 'assessment year' and 'previous year.' Scheduled for parliamentary introduction, the bill will replace the existing 1961 legislation with a more concise 622-page document, featuring 526 sections, 23 chapters, and 16 schedules. It removes obsolete clauses, simplifies language, and includes a 'Taxpayer's Charter' outlining taxpayer rights and obligations. The bill also consolidates TDS provisions and addresses tax treatments for ESOPs, aiming to reduce disputes and enhance clarity for taxpayers.