A new Income Tax Bill is likely to be tabled in the parliament today, according to what sources have told NDTV. The bill seeks to replace the Income Tax Act of 1961 and simplify the language of the existing act. 

Once introduced in the Lok Sabha, likely on Thursday, the Bill will be sent to the Parliamentary Standing Committee on Finance for further deliberations. The new law is expected to take effect on April 1, 2026.

The bill will not change the existing tax slabs or review the tax rebate given. Instead, it aims to make the six-decade-old legislation reader-friendly. 

Day 9 of the Parliament Budget Session began at 11 am. Lok Sabha has been adjourned till 2pm meanwhile Joint Parliamentary Committee report has been tabled in the Rajya Sabha.