A New Income Tax Bill 2025 To Be Introduced: During her Budget 2025 speech, FM Nirmala Sitharaman announced that a new income tax bill will be introduced during the parliament's budget session. According to sources, FM Sitharaman is expected to introduce the new income tax bill on (Thursday February 13, 2025). The bill proposed a complete revamp of the 64-year-old Income Tax Act, and to simplify and minimize the sections, sub-sections, and complications of the existing Income Tax Act, 1961.