New Income Tax Bill likely to be presented in Parliament on August 11; Cabinet meeting on August 8

 The central government is likely to present the new Income Tax Bill in Parliament on August 11, sources told Zee Business. 

On Friday, the Union Cabinet may meet at around 1 pm to discuss and possibly clear the bill, they said. 

The new Income Tax Bill -- slated to take effect from April 1, 2026 -- is aimed at simplifing the current law by rationalising exemptions, streamlining digital income norms, and reducing litigation.

In February, the bill was forwarded to a parliamentary panel after being presented in Parliament. 

In July, the committee came up with its recommendations in Parliament.

The simplified Income Tax Bill is set to be half the size of the current law, with a word count of around 2.6 lakh. It will have 536 sections in stark contrast to the 819 sections in the existing law, with 23 chapters instead of 47.

There are 57 tables in the new bill instead of 18 in the law.