*New Income Tax Bill 2025: What You Need to Know* Union Finance Minister Nirmala Sitharaman recently tabled the new Income Tax Bill, overhauling the 64-year-old law. While it brings a simplified approach, experts have mixed opinions. Here’s a breakdown of key points: *Shorter & Simpler:* The new bill is 622 pages, 201 pages shorter than the existing 823-page law. Redundancies and cross-referencing have been removed for clarity. Key Changes: *Assessment Phase-out:* The term "assessment" is replaced by "tax year." Simplified Language: Complex terms have been replaced with simpler language to reduce confusion. *Litigation Impact:* Some experts believe the new law won't reduce litigation as hoped. It doesn’t address existing disputes, especially at the Commissioner (Appeals) level. New provisions, like virtual digital assets, may create future disputes. *Old Wine in a New Bottle?* Critics argue the law is more of a clean-up than a substantial reform, lacking new concepts like group taxation and carry-back of losses. *Future Outlook:* The simplification is a step forward, but experts believe it may not entirely resolve litigation issues. Some ambiguities remain, but these might be addressed as the law progresses. 👉 The new law is a move towards a simpler tax regime, but its real impact on reducing litigation remains to be seen.