Image Source : PTI/FILE PHOTO Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chairs the eighth pre-Budget consultation with the stakeholders and representatives from the trade unions for the Union Budget 2025-26. The government will introduce a new income tax bill in the upcoming Parliament budget in a major move to simplify India’s tax system, it was quoted as saying by news agency PTI. The proposed legislation aims to replace the six-decade-old Income Tax Act, 1961, with a concise, lucid, and comprehensible version, reducing the number of provisions by about 60 per cent. Finance Minister Nirmala Sitharaman had announced a comprehensive review of the Income Tax Act in her July 2024 budget speech and promised to revamp the law in six months. Sources said the draft law is currently being reviewed by the Ministry of Law and is expected to be tabled in Parliament during the second half of the budget session. Key details of the Budget Session The Budget session will begin on January 31, 2025, and end on January 4, 2025. The …