The Indian Union Cabinet has approved the Income Tax Bill 2025, which is meant to replace the existing Income Tax Act 1961. As previously reported, the India's Central Board of Direct Taxes (CBDT) launched a public consultation in October 2024 on a comprehensive review of the Income Tax Act 1961 to make the Act concise, clear, and easy to understand, which would reduce disputes, litigation, and provide greater tax certainty to taxpayers. Some reported points of the new Bill include the following: The new Bill is significantly shorter, with 622 pages as compared to 1647 pages in the existing Act;...