Income Tax Bill 2025 Cuts Word Count by 50%, No Change in Tax Rates: Baijayant Panda

The Income Tax Bill, 2025, aims to cut the "word count by 50%" without any "change in tax rates," according to Baijayant Panda. The bill, which replaces the existing Income-tax Act of 1961, primarily focuses on simplifying the language and removing redundant provisions to make the tax law more comprehensible for taxpayers and practitioners. This legislative effort is a significant step towards ease of compliance and reducing complexity in India's direct tax regime, without altering the current tax slabs or rates.