Income Tax Bill PDF: Key Highlights and 2025 Reforms Explained India boldly embarked on transforming its tax laws with the filing of the Income Tax Bill 2025. Laid down in Parliament on February 13, 2025, the bill does not just fine-tune the system in place—instead, it substitutes the older 1961 Act with an all-new set of legal parameters. Although a majority anticipated being labeled as part of the Direct Tax Code, the government left it with its original name to signify continuity over reform.