The new income tax bill was presented in the Lok Sabha on Thursday, February 13. The 622-page bill will replace the 6-decade-old Income Tax Act 1961. The proposed law will be called the Income Tax Act 2025 and is expected to come into effect in April 2026. 4 major points of the new income tax bill 1. In the income tax bill, the assessment year has been replaced with the tax 'year'. The pages of the bill have been reduced from 823 to 622. However, the number of chapters remains 23. Sections have been increased from 298 to 536, and schedules have also increased from 14 to 16. 2. Crypto assets will be counted under any undisclosed income, similar to how cash, bullion, and jewelry are currently included. This has been done to ensure that digital transactions are controlled in a transparent and legal manner. 3. The bill includes a taxpayers' charter, which will protect the rights of taxpayers and make tax administration more transparent. This charter will safeguard the interests of taxpayers while also clarifying the rights and responsibilities of tax officials. 4. Deductions related to salary, such as standard deduction, gratuity, and leave encashment, have now been listed in one place. The difficult explanations and provisions present in the old law have been removed, making it easier for taxpayers to understand. No tax on income up to Rs 12 lakh under new tax regime Earlier, significant relief was provided regarding income tax in the budget. Under the new tax regime, no tax will be payable on income up to 12 lakh rupees. For salaried individuals, with a standard deduction of 75 thousand, this exemption will become 12.75 lakh rupees. Bill will be sent to the parliamentary committee The new income tax bill was approved by the cabinet on Friday. After being presented in the Lok Sabha, it will be sent to the parliamentary committee. The committee will give its recommendations, then the government will decide through the cabinet whether these amendments need to be included. After this, the bill will return to the parliament and then the government will decide on the rollout date. The government has been trying to simplify the income tax law for the past several years. For this, a task force was formed in 2018, which submitted its report in 2019.Original Article