What is new Income Tax Bill announced by Finance Minister Nirmala Sitharman and why it will replace the Income Tax Act

New income tax bill explained: The new income tax bill received clearance from the Union Cabinet last week. Soon, the FM will likely table the same in the Parliament. The new income tax bill, once passed by the Parliament, will replace the decades-old Income Tax Act of 1961. Read on to know what the new income tax bill is and how it is being introduced.