Lok Sabha Clears New Income Tax Bill to Replace 1961 Law from April 2026
New Delhi: In a landmark move to modernise India’s tax regime, the Lok Sabha has approved the Income-Tax (No. 2) Bill, 2025, which will replace the six-decade-old Income-tax Act of 1961 from April 1, 2026. The legislation, passed with broad consensus, promises a simpler, clearer, and more efficient tax framework aligned with present-day economic realities….
