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Faqs on the new income tax bill !new आयकर विधेयक पर अक्सर पूछे जाने वाले प्रश्न - hindi version!new The bill is slated to become effective on 1 april 2026. Once enacted, it will replace the current income-tax act, 1961 (the 1961 act), which has been in existence for over six decades. · the income-tax bill, 2025 , which was introduced in the lok sabha on 13th february 2025 to replace the existing income - tax act, 1961, has been formally withdrawn. The act provides for faceless collection of information and assessment of tax cases. · government withdraws income tax bill 2025 , paving the way for a revised version to be introduced in lok sabha on august 11th. · power to frame schemes: · the government has formally withdrawn the income-tax bill, 2025 , which was introduced in the lok sabha on 13 february to replace the six-decade-old income - tax act, 1961, et bureau reported citing sources. Learn about its chapters, objectives, and key reforms for businesses & individuals. · discover the income tax bill 2025, featuring simplified tax provisions, reduced rates, and streamlined compliance. · introduction income tax bill 2025 aims to modernise india’s tax framework by replacing the six-decade‑old income ‑ tax act, 1961. It also seeks to empower the central government to frame new schemes for greater efficiency, transparency, and accountability. The bill retains these provisions. · the income-tax bill, 2025 , which was introduced in the lok sabha on to replace the existing income - tax act, 1961, has been formally withdrawn, sources told moneycontrol on august. · the income-tax bill, 2025 , aims to simplify tax provisions without altering the overall structure of the current regime, focusing largely on plainer language and streamlined provisions. Laid out clearly in the first 50 words of this post, the income tax bill 2025 promises simplicity, transparency, and taxpayer‑friendly changes starting. The finance minister introduced the income - tax bill , 2025 (the bill), in parliament.