New ‘Income Tax Bill’ introduced in Lok Sabha

The New Income Tax Bill 2025 aims to replace the existing Income Tax Act of 1961, introducing a more simplified and modern tax framework. The bill includes a major restructuring of tax slabs, increasing the exemption limit to ₹4 lakh and adjusting rates up to 30% for incomes above ₹24 lakh. Additionally, salaried employees will benefit from a nil tax limit up to ₹12.75 lakh, factoring in a standard deduction of ₹75,000.