Income Tax Bill 2025: Top FAQs Answered for Taxpayers

Shivani | Last updated: 13 February 2025

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Quick Summary

The current Income-tax Act, enacted in 1961, has become complex due to numerous amendments. The new Income-tax Bill 2025 aims to simplify this by making the Act more concise, lucid, and easier to understand. This involves removing redundancies, using clearer language, and restructuring provisions.

Q I.1 When was the current Income-tax Act passed? Ans: The current Income-tax Act was enacted in 1961 and came into existence with effect from 01.04.1962. It has been amended nearly 65 times with more than 4000 amendments, year on year through Finance Acts, based on the evolving requirements of mod

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About the Author

Shivani

Finance Professional

I am passionate about simplifying finance, taxation, investing, insurance, and career trends into practical insights. Through my articles, I help readers make informed financial decisions, understand industry developments, and stay updated on personal finance, CA, and business topics.

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